Pure Multi-Family REIT LP’s preliminary property assessment of the impact of Tropical Storm Harvey on its properties in and around Houston show that based on recent reports, Boulevard at Deer Park, a multifamily apartment community comprising 216 residential units located in Deer Park, a suburb southeast of Houston, has been placed under an evacuation order, as there is flooding in the immediate area surrounding the property.
The Canadian REIT therefor doesn’t have a preliminary property assessment at this time, according to a prepared statement.
The REIT’s second Houston property, Broadstone Walker Commons, consisting of 352 residential units in League City, a southern suburb of Houston, 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, the REIT says.
Pure Multi-Family’s 10 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.”