Cortland Completes $1.2B Multifamily REIT Acquisition

Vistas at Hackberry Creek, the largest community in Pure’s portfolio

Cortland has closed on the $1.2 billion, all-cash acquisition of Pure Multi-Family REIT, two months after agreeing to the purchase. The deal includes 7,085 units across 22 properties in five markets, increasing Cortland’s holdings to more than 60,000 apartments.

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Scotiabank advised Pure in the transaction, with Lazard acting on behalf of Cortland. King & Spalding provided legal services for the buyer.

While more than half of Vancouver, Canada-based Pure’s portfolio is located in the Dallas-Fort Worth metro, the investor’s holdings also span Phoenix, Austin, San Antonio and Houston, per data from Yardi Matrix. Nearly 80 percent of the units are Class A with an average age of 13 years.

The 276-unit PURE Creekside at Onion Creek, completed in 2016, comprised the seller’s entire Austin portfolio.

The largest property in the deal is the 560-unit Vistas at Hackberry Creek in the Dallas suburb of Irving. Pure had paid $45.4 million for the 1979-built, Class B asset in mid-2013, according to Yardi Matrix.

Cortland has closed on a number of major acquisitions in recent months in the southern U.S. The firm has also increased its focus outside the country’s borders this year with the acquisition of LIV Group, a U.K. multifamily investor.