Pure Multi-Family REIT appoints two directors
Pure Multi-Family REIT has appointed James Speakman and John O'Neill to the company’s board of directors.
The appointments serve to fill vacancies on the board, including one vacancy resulting from an increase in the number of directors from five to six.
Speakman is a senior partner in the Vancouver law firm of Clark Wilson, practicing in that firm's commercial real estate and corporate finance and securities groups. He has over 25 years' experience acting in the real estate investment, development and management industry with a focus on syndicated private and public equity for real estate. He currently acts as counsel to several public and private REITs, including being lead counsel to Pure Industrial Real Estate Trust (PIRET), Pure Multi and the Sunstone Realty Advisors Group. He has acted on over 28 initial and follow-on public offerings having a total value of over USD1.1bn and has worked closely with PIRET and Pure Multi on the growth of their property portfolios to over USD2.49bn.
Prior to joining Clark Wilson in 2001, Speakman worked for 11 years in senior executive positions in the real estate industry in Vancouver, including four years as executive vice president of a privately-owned developer of high rise residential and seniors communities in British Columbia and the western US, and seven years as vice president of Vancouver-based Anthem Properties, where he was actively involved in the startup and growth of that company's real estate investment, development and management business.
O'Neill is currently the president and chief executive officer of O'Neill Hotels & Resorts and has been in the hospitality industry for over 25 years. He held senior executive positions at Vancouver-based Coast Hotels from 1985 to 1991, and received extensive recognition for his achievements, including being named Canadian Hotelier of the Year by the Canadian Travel and Tourism Industry in 1989, awarded "Top Forty under Forty" from Business in Vancouver magazine, and selected as a finalist for the 1998 Ernst &Young Entrepreneur of the Year Award.
O'Neill is a co-founder of American Hotel Income Properties REIT, formed in 2013, and Canadian Hotel Income Properties REIT (CHIP REIT), formed in 1997, and served on CHIP REIT's board of trustees from 1999 to 2002.
O'Neill is a member of the board of trustees of the Fraser Institute and a director of the Minister's Council on Tourism on behalf of British Columbia's Ministry of Jobs, Tourism and Innovation.
"We are very pleased to be adding two directors with significant experience in the real estate sector, particularly in the US," says Steve Evans, chief executive of Pure Multi. "James' legal expertise and real estate industry experience will be of enormous benefit as we continue to grow and expand our asset base and business. John, a key player in the hotel and hospitality industry as well as a respected colleague co-founding AHIP REIT in 2013 and CHIP REIT in 1997, will be a knowledgeable advisor. As an award-winning hotelier, John's innate understanding and eye for quality will be a welcome addition to Pure Multi's strategy of buying and maintaining the highest quality assets amongst its peers.”
Since its inception in July 2012, Pure Multi has raised over USD144.28m in equity and debt financing and acquired a portfolio of 13 multi-family residential properties in Texas, for a total purchase price of approximately USD324.3m. Over the next 12 months, Pure Multi intends to acquire additional assets in Dallas and Houston, and in other key markets such as Phoenix and Denver, with an expectation to more than double its current portfolio holdings during that period.