ATLANTA – (Realty News Report) – Cortland Partners has acquired Pure Multi-Family REIT of Vancouver for $1.2 billion. The Pure REIT’s portfolio included 22 apartment complexes totaling 7,085 units, all located in Texas and Arizona.
Atlanta-based Cortland operates regional offices in Houston, Dallas, Denver, Charlotte and Orlando, and owns a portfolio of approximately 60,000 units, including properties in every major market across Texas.
Last year, the Houston area saw a record $5.1 billion in multifamily asset sales, according to Yardi Matrix. That total represented roughly 300 apartment complexes sold in 2018—about double the number traded in 2017.
Strong job growth helped fuel the surge in sales. Many investors targeted Class C properties, seeking substantial upside through renovation and repositioning.
Sept. 30, 2019 Realty News Report Copyright 2019
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