VANCOUVER, Aug. 28, 2017 /PRNewswire/ - Pure Multi-Family REIT LP ("Pure Multi-Family") (TSXV: RUF.U, RUF.UN, RUF.DB.U; OTCQX: PMULF) is providing a preliminary property assessment of the impact of Tropical Storm Harvey on its properties in and around Houston, Texas.
Based on recent reports, Boulevard at Deer Park, a multi-family apartment community comprising 216 residential units located in Deer Park, a suburb southeast of Houston, Texas, has been placed under an evacuation order, as there is flooding in the immediate area surrounding the property. We do not have a preliminary property assessment at this time.
Our second Houston property, Broadstone Walker Commons, consisting of 352 residential units in League City, a southern suburb of Houston, Texas, has not been materially impacted by the storm. Heavy rainfall remains in the forecast for the area, however, and the property will continue to be monitored.
More thorough inspections will be performed in the coming days and weeks to assess the extent of any damage.
Pure Multi-Family's ten properties in Dallas Fort Worth, four properties in San Antonio, and one property in Austin have not sustained any material property damage related to the storm, other than some minor flooding and wind damage, which are currently under repair.
Steve Evans, Pure Multi-Family's CEO commented, "Our first priority has been to check on the safety and security of our staff and residents. It is premature to speculate on the extent of any damage at our two properties, as there is more heavy rain in the weather forecast. We anticipate that it may take weeks to adequately assess the damage, if any, at our two properties in the Houston area. As a normal course of business, Pure Multi-Family has insurance policies in effect at all of our apartment properties.
"It is going to take some time for the extent of the damage in the greater Houston area to be fully understood.
"Our thoughts and best wishes go out to not only our employees and residents, but everyone impacted by this devastating storm. We will continue to look for ways to support our team, our residents and the people of Texas."
About Pure Multi-Family REIT LP
Pure Multi-Family is a Canadian based, publically traded vehicle which offers investors exclusive exposure to attractive, institutional quality U.S. multi-family real estate assets.
Certain statements contained in this news release may constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (a) we anticipate that it may take weeks to adequately assess the damage, if any, at our two properties in the Houston area.
Although Pure Multi-Family believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Pure Multi-Family can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the impact of any natural disaster, factors affecting insurance coverage in the areas where Pure Multi-Family operates, competitive factors in the industries in which Pure Multi-Family operates, prevailing economic conditions, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing any proposed acquisitions, and other factors, many of which are beyond the control of Pure Multi-Family.
The forward-looking statements contained in this news release represent Pure Multi-Family's expectations as of the date hereof, and are subject to change after such date. Pure Multi-Family disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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SOURCE Pure Multi-Family REIT LP