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H&R REIT unit buys 305 Durham, NC, multifamily units for US$76M

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H&R REIT unit buys 305 Durham, NC, multifamily units for US$76M

Diversified real estate investment trust H&R Real Estate Investment Trust's subsidiary Lantower Residential spent about US$76.3 million to purchase 305 multifamily units in Durham, N.C., during the second quarter.

Lantower Residential also bought 322 multifamily units at 15175 Integra Junction in Odessa, Fla., for about US$57.7 million, and H&R sold its 50% stake in F1RST Tower in Calgary, Alberta, for C$53.5 million in gross proceeds.

The company purchased a 100% interest, previously held as a mortgage receivable, in 20.3 acres of land in Prosper, Texas, for US$14.6 million, with plans to develop 1,000 multifamily units.

H&R extended its C$300.0 million Primaris secured operating facility until July 1, 2020, and fully repaid all its 3.34% series G senior debentures for C$175.0 million during the second quarter, as well as secured two new mortgages totaling C$123.6 million at a weighted average interest rate of 3.8%.