Cortland Partners to buy Canadian multifamily REIT for $1.2b
An affiliate of Cortland Partners has plans to acquire Vancouver-based Pure Multi-Family REIT for $1.2 billion.
Pure Multi-Family owns and operates 22 multifamily apartment communities consisting of 7,085 apartment units in Texas and Arizona, two of the U.S. Sunbelt's leading economies.
Stephen Evans, Pure Multi-Family's founder and CEO commented, “Today’s announcement can be attributed to Pure Multi-Family's high-quality portfolio of multifamily properties located in the most dynamic economies of the U.S. Sunbelt, our recently internalized state-of-the-art property management platform, and the high quality of our team, who have repeatedly demonstrated tremendous commitment, passion and integrity. Under Pure Multi-Family's management, the income and value of the investment properties have grown significantly. Pure Multi-Family delivered the second best total unitholder returns in the Canadian REIT sector since our initial public offering in July 2012, using Canadia