Seattle & Northwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Cortland Completes $1.2B Pure Multi-Family REIT Deal
Atlanta-based Cortland closed on its previously-announced acquisition of Pure Multi-Family REIT for $1.2 billion in cash. The deal means the multifamily real estate investment, development and management company becomes the largest apartment owner in the Dallas-Fort Worth Metroplex.
Pure Multi-Family’s portfolio of 22 apartment communities and 7,085 apartment units are in five of Cortland’s high-growth markets, including the Texas cities of Dallas-Fort Worth, Houston, Austin and San Antonio, as well as Phoenix, AZ.
Cortland’s Steven DeFrancis says, “We’re excited to bring Pure Multi-Family’s communities, associates and 11,000 new residents into the Cortland family.”
This acquisition of the Canadian-based, publicly-traded vehicle represents Cortland’s continued strategy of growth and concentration in its designated focus markets, which it believes share similarly outsized job and population growth qualities with strong affordability characteristics. Since January 2018, Cortland has conducted more than $3.7 billion in multifamily acquisitions, representing 20,639 apartment units, and it now owns and manages more than 60,000 apartment homes nationwide.
*Pictured Amalfi Stonebriar, Dallas
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
