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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