Cortland Completes $1.2B Multifamily REIT Acquisition
- Sep 30, 2019
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.
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 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.