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Friday, 19 July 2019

Cortland Partners to Buy Pure Multi-Family REIT

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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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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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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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