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Atlanta, Ga.

ATLANTA—Locally-based Cortland Partners has reached an agreement with Canada’s Pure Multi-Family REIT to acquire it in an all-cash transaction of $1.2 billion, including net debt. The REIT’s apartment portfolio is located in Texas and Arizona, allowing Cortland to double down on its own Sunbelt-based market strategy. Specifically, Pure Multi-Family owns and operates 22 apartment communities consisting of 7,085 apartment units in these two states. Cortland’s portfolio consists of 155 apartment communities with over 50,000 units in the US and has regional offices in Charlotte, Dallas, Denver, Houston, and Orlando.

Last year the Pure Mult-Family launched a strategic review during which Scotiabank contacted approximately 90 potential strategic and financial purchasers. One US company that had been very interested in the REIT was American Landmark / Electra America, which also submitted a proposal to acquire Pure Multi-Family.

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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