July 22, 2019
Pure Multi-Family REIT LP, a Vancouver-based apartment owner whose portfolio is entirely in two Sunbelt states, has agreed to be acquired by Cortland Partners in an all-cash transaction valued at US$1.2 billion. The deal is subject to a “go shop” period running through August 20.
The acquisition by Cortland is the culmination of a strategic review process that began in April 2018. Financial advisor Scotiabank contacted more than 90 potential Pure Multi-Family purchasers, according to the REIT.
“We believe that Cortland’s all-cash transaction provides certainty from a well-respected organization, and represents significant value for our unitholders with the flexibility to explore other potential superior proposals,” said Pure Multi-Family chairman Robert King.
Headquartered in Atlanta, Cortland is the country’s 18th largest apartment owner as ranked by the National Multifamily Housing Council, with a portfolio of more than 50,000 units. The Pure Multi-Family deal will add 7,055 more units across Texas and Arizona.
Pictured: Pure Multi-Family’s Brackenridge at Midtown in San Antonio
Connect Texas Multifamily will take place August 15, 2019 in Dallas. For more information, or to register, click here.
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