Cortland, the Atlanta-based multifamily real estate investment, development, and management company, recently became the largest apartment owner in the Dallas-Fort Worth metroplex with the purchase of the Pure Multi-Family REIT for $1.2 billion in cash. The REIT is a Canadian-based, publicly traded vehicle, and its portfolio includes 22 apartment communities and 7,085 apartment units in Dallas-Fort Worth, Houston, Austin, San Antonio, and Phoenix.
"We're excited to bring Pure Multi-Family's communities, associates, and 11,000 new residents into the Cortland family," said Steven DeFrancis, CEO and Cortland founder. "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."
The acquisition continues a pattern for Cortland as it has acquired more than $3.7 billion in multifamily acquisitions, representing 20,639 apartment units, since January 2018. Cortland now owns and manages more than 60,000 apartment homes nationwide.
