Mr. Andrew Greig reports

PURE MULTI-FAMILY REIT LP ANNOUNCES CLOSING OF TWO PREVIOUSLY ANNOUNCED ACQUISITIONS FOR US$63.6 MILLION AND NEW MORTGAGE FINANCING AT 3.26%

Pure Multi-Family REIT LP has successfully closed the acquisition of two previously announced properties for an aggregate purchase price of $63.6-million (U.S.), representing a going-in capitalization rate of 6.0 per cent. The properties, the acquisition of which was previously announced on July 9, 2014, consist of one multifamily apartment property (the Preserve) located in Dallas, Tex., and the remaining 80-per-cent interest in a multifamily property (San Brisas) located in Phoenix, Ariz., that is already partially owned by Pure Multi.

Pure Multi financed a portion of the $41.0-million (U.S.) purchase price of the Preserve with proceeds from Pure Multi's bought deal financing which closed on July 29, 2014, and a new first mortgage financing, representing 60 per cent loan to value, which bears an interest rate of 3.26 per cent per year for a term of seven years. The purchase price represents a going-in capitalization rate of 6.26 per cent. Pure Multi financed a portion of the $22.6-million (U.S.) purchase price of San Brisas with proceeds from the July, 2014, offering, and a new first mortgage financing, representing 60 per cent loan to value, which bears an interest rate of 3.26 per cent per year for a term of seven years. The new mortgage includes a refinancing of the mortgage that was previously obtained in respect of Pure Multi's 20-per-cent interest in the property. The purchase price represents a going-in capitalization rate of 5.65 per cent. The Preserve, also known as the Preserve at Arbor Hills, consists of a total of 330 residential units, ranging in size from 692 to 1,415 square feet, with 310,072 square feet of rentable area in four two-storey and 13 three-storey stucco buildings built in 1998, and is situated on a total of 15 acres. The Preserve is located in Plano, a northern suburb of Dallas, and includes a resort-style swimming pool, heated spa, business centre, clubroom, 24-hour fitness centre and picnic areas with outdoor kitchens. The Preserve overlooks the Arbor Hills Nature Preserve, a 200-acre park featuring vast areas of natural beauty for walking, jogging, hiking and other outdoor activities.

San Brisas, also known as San Brisas Apartment Homes, consists of a total of 208 residential units, ranging in size from 702 to 1,278 square feet, with 209,284 square feet of rentable area in 26 two-storey stucco buildings plus the leasing office and clubhouse built in 1996 with exterior and interior improvements made between 2009 and 2012, and is situated on a total of 13 acres. San Brisas is located in Chandler, a southeastern suburb of Phoenix, and includes a resort-style pool, spa, social centre, fitness centre, business centre, extra storage, lighted beach volleyball court and clubhouse. The acquisition of the remaining 80-per-cent interest in San Brisas, combined with the previously acquired 20-per-cent interest which closed on Oct. 1, 2013, consolidates Pure Multi's ownership of the property. The properties were acquired indirectly by Pure Multi from a wholly owned subsidiary of Sunstone U.S. Opportunity (No. 2) Realty Trust and Sunstone U.S. Opportunity (No. 3) Realty Trust. Pure Multi and Sunstone are non-arm's-length parties in accordance with the policies of the TSX Venture Exchange by virtue of having certain directors and officers in common. Pure Multi does not anticipate any issues receiving final approval of the acquisition of the properties from the TSX Venture Exchange.

As a result of the acquisitions of the properties, Pure Multi's portfolio now totals an aggregate of 15 multifamily properties situated on 245 acres of land, with 4,462 residential units in 304 buildings.

We seek Safe Harbor.