Mr. Stephen Evans reports

PURE MULTI-FAMILY REIT LP ANNOUNCES CDN$70 MILLION (US$52 MILLION) EQUITY OFFERING

Pure Multi-Family REIT LP has entered into an agreement with a syndicate of underwriters co-led by CIBC Capital Markets, Scotiabank and Canaccord Genuity Corp., with CIBC Capital Markets and Scotiabank acting as bookrunners, to sell on a bought deal basis 7.87 million Class A units of Pure Multi-Family at a price of $8.90 per unit ($6.67 (U.S.) per unit), for gross proceeds to Pure Multi-Family of $70,043,000 ($52,474,799 (U.S.)).

Pure Multi-Family has also granted the underwriters an overallotment option to purchase up to an additional 1,180,500 units, representing 15 per cent of the size of the financing, on the same terms and conditions, exercisable at any time, in whole or in part, up to 30 days after the closing of the financing. The financing is expected to close on or about April 7, 2017, and is subject to regulatory approval.

Pure Multi-Family intends to use the net proceeds from the financing to finance future acquisitions of high-quality, strategically located and well-maintained Class A apartment properties in major U.S. Sunbelt markets that exhibit strong population and economic growth trends, and for working capital and general partnership purposes.

The financing is being made pursuant to Pure Multi-Family's base shelf prospectus dated Feb. 21, 2017. The terms of the financing will be described in a prospectus supplement to be filed with Canadian securities regulators.

Stephen Evans, chief executive officer, said: "The U.S. Sunbelt continues to benefit from strong demographic and economic trends that we believe will result in above-average growth over the coming years. We continue to focus our efforts on building a high-quality U.S. multifamily apartment portfolio that offers a combination of high-quality property amenities as well as proximity to employers, local entertainment and outdoor recreation.

"Our portfolio's average year of construction remains at 2006, or roughly 11 years old. We believe our focus on owning newer Class A properties will prove to be less capital intensive than owning older apartment properties and will provide opportunities to improve our occupancy levels and rental rates over time."

Consistent with Pure Multi-Family's past practices and in the normal course, Pure Multi-Family engages in continuing discussions with respect to possible acquisitions. There can be no assurance that any of these discussions will lead to a conditional purchase agreement or will be completed. Pure Multi-Family continues to actively pursue acquisition and investment opportunities.

About Pure Multi-Family REIT LP

Pure Multi-Family is a Canadian-based, publicly traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multifamily real estate assets.

We seek Safe Harbor.