This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Morguard North American Residential REIT Completes Acquisition Of Six Multi-Unit Residential Assets In The U.S. For US$218 Million

MISSISSAUGA, ON, April 19, 2013 /CNW/ - Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) (the "REIT") is pleased to announce that it has completed the purchase of six multi-unit residential properties from an institutional fund sponsored by Pearlmark Real Estate Partners, L.L.C. ("Pearlmark") for US$218 million (excluding closing costs). This acquisition was previously announced by the REIT on January 9, 2013.

The six properties acquired are residential apartment and townhome complexes comprised of 1,793 suites located in Denver, Colorado, Tampa, Florida, Cary, North Carolina and Atlanta, Georgia.  The properties are best-in-class low rise, enclave assets with structured and surface parking, modern leasing centers and amenity packages with a weighted average age from construction of 11 years.

In connection with the purchase of four of the six acquired properties the REIT assumed in-place mortgage financing of US$81.8 million (weighted average interest rate of 4.86% with a weighted average term to maturity of 4.6 years).  For the remaining two properties, the REIT, at closing, entered into first mortgage financing arrangements in an aggregate amount of US$57.7 million (weighted average interest rate of 3.51%) for terms of 10 years.

The REIT is expected to complete the acquisition of an additional six multi-unit residential assets, from Pearlmark, by the end of May 2013.  With the closing of the initial six properties from Pearlmark, the REIT owns interests in a total of 9,201 suites in Canada and the U.S. valued at approximately $1.2 billion.  After closing the final portion of the Pearlmark acquisition the REIT will own interests in a total of 11,160 units in Canada and the U.S valued at approximately $1.4 billion.

"These investments are strategic to the REIT's ongoing success of acquiring institutional quality assets resulting in dependable income for unitholders," said Rai Sahi, Chief Executive Officer, Morguard North American Residential REIT. "We are on a clear path to execute our U.S. growth strategy in 2013."

About Morguard North American Residential Real Estate Investment Trust

Morguard North American Residential REIT is an unincorporated, open-ended real estate investment trust which owns, through a limited partnership, interests in a portfolio of 14 Canadian residential apartment buildings and 18 U.S. residential walk-up garden communities consisting of 9,201 residential suites that are located in Alberta, Ontario, Colorado, Florida, Georgia, Louisiana and North Carolina.

SOURCE Morguard North American Residential Real Estate Investment Trust

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs