This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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.

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs