Pure Multi-Family REIT: Texas Apartment Deal: Cortland Partners Pays $1.2 Billion for Texas-Heavy

In Atlanta, Cortland Partners has purchased Pure Multi-Family REIT of Vancouver for $1.2 billion. The Pure REIT, which had a portfolio of 22 apartment complexes with 7,085 units entirely located in Texas and Arizona.

Atlanta-based Cortland has regional offices in Houston, Dallas, Denver, Charlotte and Orlando with a portfolio of 60,000 units, including properties in every major market in Texas.

A record $5.1 billion of multifamily assets were sold in the Houston area last year, an all-time record, reported Yardi Matrix. That amounted to 300 apartment complexes being traded in 2018, roughly double to the number sold in 2017.

Solid job growth contributed to the jump in sales. A number of investors were attracted to Class C properties, which allowed for significant upside through renovation.