Marwest Apartment Real Estate Investment Trust announced that it has entered into an agreement, on September 16, 2022, to purchase 153 multi-family residential units in Winnipeg, Manitoba. The purchase consists of 153 units which were completed in 2021. The Prairie View Pointe Property is currently fully occupied.

The Prairie View Pointe Property: The Prairie View Pointe Property is located at 2756-2766 Main Street, Winnipeg, Manitoba comprising of 153 units. Prior to closing, the REIT will enter into an assumption agreement with the current first-mortage lender on the property. Prairie View Pointe Acquisition: The value of the Prairie View Pointe Property has been agreed to be $42,000,000 for the acquisition.

As the REIT will be purchasing the beneficial interest in the property, the chattels and assumed contracts in the Prairie View Pointe Property, the purchase price is the value of $42,000,000 less the outstanding debt to the vendor. On closing, the REIT anticipates paying cash to satisfy the purchase price. The anticipated funds to close will be settled with cash on hand in addition to proceeds from the early refinancing of the Brio Phase I mortgage and by way of second mortgage on the Kenwood property of $4,000,000.

Marwest Asset Management Inc. will be waiving the acquisition fee of $420,000, on the acquisition of the Prairie View Pointe Property. Anticipated Closing Date: The Prairie View Pointe Acquisition is currently anticipated to close October 31, 2022 or earlier.