MISSISSAUGA, May 23, 2013 /CNW/ – Morguard North American Residential
Real Estate Investment Trust (TSX: MRG.UN) (the “REIT”) is pleased to
announce that it has completed the purchase of the remaining six
multi-unit residential properties from an institutional fund sponsored
by Pearlmark Real Estate Partners, L.L.C. (“Pearlmark”) for US$232
million (excluding closing costs). This acquisition was previously
announced by the REIT on January 9, 2013.

The six properties acquired are residential apartment and townhome
complexes comprised of 1,959 suites located in Kennesaw, Georgia,
Bradenton, Florida, Raleigh, North Carolina and Irving, Texas and
Garland, Texas. The properties are best-in-class low rise, enclave
assets with structured and surface parking, modern leasing centers and
amenity packages with a weighted average age from construction of 12
years.

In connection with the purchase of the six acquired properties the REIT
assumed in-place mortgage financing of US$136.9 million (weighted
average interest rate of 4.03% with a weighted average term to maturity
of 3.8 years).

After closing the final portion of the Pearlmark acquisition the REIT
will own interests in a total of 11,160 units in Canada and the U.S
valued at approximately $1.4 billion.

About Morguard North American Residential Real Estate Investment Trust

Morguard North American Residential REIT is an unincorporated,
open-ended real estate investment trust which owns, through a limited
partnership, interests in a portfolio of 14 Canadian residential
apartment buildings, located in Alberta and Ontario, and 24 U.S.
walk-up garden communities consisting of 11,160 residential suites that
are located in Colorado, Florida, Georgia, Louisiana, North Carolina
and Texas.

SOURCE Morguard North American Residential Real Estate Investment Trust