Cortland Partners to Buy Pure Multi-Family REIT

Written by Dan Moynihan

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Commercial Real Estate Direct Staff Report

Cortland Partners has agreed to acquire Pure Multi-Family REIT in a deal valued at $1.2 billion.

The Atlanta apartment investor and developer is paying $7.61/share for each Pure Multi-Family share and is assuming that company's $582 million of debt. The deal is expected to close in the fourth quarter.

Pure Multi-Family earlier this year had its shares listed on the Toronto Stock Exchange. The Vancouver, British Columbia, REIT owns 22 properties with 7,085 units in the Austin, Texas, Dallas-Fort Worth, Houston, Phoenix and San Antonio areas. The portfolio was 95.5 percent leased at the end of last year and had an average monthly rent of $1,282/unit.

Cortland,...

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Additional Info

Syndicate to Realpoint: No
Sector: Multifamily
Subject: Mergers & Acquisitions (M&A), REITS -general (REITS)
Private: Yes

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Data Digest

CMBS DELINQUENCY VOLUME

CMBS SPECIAL SERVICING VOLUME

Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank	#Deals	Vol$mln	MktShr%
Goldman Sachs	17.59	11,819.34	13.68
JPMorgan Securities	14.52	10,968.11	12.70
Citigroup	12.04	10,012.71	11.59
Wells Fargo Securities	14.02	9,936.06	11.50
Deutsche Bank	12.55	9,879.74	11.44

RCA CPPI

CMBS 2.0 Spreads

Top CMBS Loan Contributors - 2017
Lender	#Loans	Vol$mln	MktShr%
Goldman Sachs	146.89	11,719.34	13.63
JPMorgan Chase Bank	117.68	10,114.14	11.76
Deutsche Bank	198.48	9,689.97	11.27
Morgan Stanley	166.18	8,539.78	9.93
Citigroup	199.05	8,088.24	9.41

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