Morguard North American Residential Real Estate Investment Trust announced that it has finalized two separate agreements to acquire a total of 6,474 multi-family residential units in the U.S. for gross consideration of $633 million. The first agreement is for the purchase, through a subsidiary, of 12 multi-family residential apartment and townhome complexes comprised of 3,752 units located in Dallas, Texas, Denver, Colorado, Tampa, Florida, Raleigh, North Carolina and Atlanta, Georgia. The acquisition is expected to close on or about March 31, 2013 and conditions, other than customary closing conditions and certain consents, have now been satisfied.

The 12 properties are best-in-class low rise, enclave, garden-style walk-ups with surface and covered parking, leasing centers and amenity packages with a weighted average age from construction of 11+years (featuring 2,200 units built post 2002). Additionally, the REIT has finalized an agreement to purchase, through a subsidiary, 12 multi-family residential apartment and townhome complexes comprised of 2,722 units located in Pensacola, Florida, Mobile, Alabama and south-west Louisiana from Morguard Corporation. The acquisition is expected to close during the first quarter of 2013 and conditions, other than customary closing conditions and certain consents, have now been satisfied.

The properties are typical enclave three-storey garden style walk-ups with up-graded suites, surface and covered parking, leasing centers and amenity packages; the properties are generally in excess of 15 years old. Combined, the two portfolios, will be purchased for gross consideration of approximately $633 million (excluding closing costs and asset performance bonus'), financed through the assumption of mortgages in the principal amount of approximately $400 million with a weighted average interest rate of 4.5% and a weighted average maturity of 4.5 years; and other available sources of funds.