Almost 4,000 North Texas apartments have changed hands as part of a $1.2 billion rental industry merger. Canada-based apartment owner Pure Multi-Family REIT has been bought by Cortland, an Atlanta-based real estate investor.
The acquisition includes ownership of 11 Dallas-Fort Worth apartment communities, making it one of the largest such recent sales. Atlanta-based Cortland now owns 40 D-FW apartment communities.
The local properties sold in the merger include the Pure Farmers Market apartments in downtown Dallas, Avenue on Fairmount in Oak Lawn, Amalfi Stonebriar in Frisco and Pure La Villita in Irving. Apartments in Allen, Plano, Euless, North Dallas and Richardson also traded as part of the huge deal.
The cash transaction will make Cortland the largest apartment owner in the D-FW, according to the company.
Since 2018, Cortland has completed more than $3.7 billion in acquisitions of 20,639 apartment units. It owns and manages more than 60,000 apartment homes nationwide.