Multifamily real estate investment, development and management company Cortland has officially closed on the Pure Multi-Family REIT acquisition for $1.2 billion in cash and become the largest apartment owner in the Dallas-Fort Worth Metroplex and significantly expands its presence in Phoenix.
The acquisition includes four apartment properties that total 854 apartment units in the Phoenix-area. Each property will be rebranded later this month and in October to more prominently feature Cortland’s name.
• Park 28 – will become Cortland Biltmore
• PURE Fillmore – will become Cortland Fillmore
• Pinnacle at Union Hills – will become Cortland Desert Ridge
• San Brisas – will become Cortland San Brisas
This acquisition of the Canadian-based, publicly-traded vehicle represents the company’s continued strategy of growth and concentration in its designated focus markets, which Cortland believes share similarly outsized job and population growth qualities with strong affordability characteristics. Since January 2018, Cortland has conducted more than $3.7 billion in multifamily acquisitions, representing 20,639 apartment units. Cortland now owns and manages more than 60,000 apartment homes nationwide.
Pure Multi-Family’s assets are strategically positioned within urban or high-density suburban submarkets Cortland believes possess favorable demographics and strong multifamily fundamentals. Pure Multi-Family’s portfolio of 22 apartment communities and 7,085 apartment units are in five of Cortland’s high-growth markets in Texas (Dallas-Fort Worth, Houston, Austin and San Antonio) and Arizona (Phoenix).
At the core of its business, Cortland works to excel in the living experiences it provides its residents. With this acquisition, Cortland intends to leverage its increased scale and vertically integrated business model in these markets to create operational, leasing and market efficiencies that will deliver excellent service and elevated living experiences to its residents.
“We’re excited to bring Pure Multi-Family’s communities, associates and 11,000 new residents into the Cortland family,” founder and CEO Steven DeFrancis said. “This transaction represents a unique growth opportunity for us, but more importantly, it’s an opportunity to build on Pure Multi-Family’s operational foundation to further our commitment to our residents as we work to set the standard for the apartment living experience.”