ATLANTA, GA – Multifamily real estate investment, development and management company Cortland has officially closed on the Pure Multi-Family REIT acquisition for $1.2 billion in cash and become the largest apartment owner in the Dallas-Fort Worth Metroplex. 

This acquisition of the Canadian-based, publicly traded vehicle represents Cortland’s continued strategy of growth and concentration in its designated focus markets, which Cortland believes share similarly outsized job and population growth qualities with strong affordability characteristics. Since January 2018, Cortland has conducted more than $3.7 billion in multifamily acquisitions, representing 20,639 apartment units. Cortland now owns and manages more than 60,000 apartment homes nationwide. 

Pure Multi-Family’s assets are strategically positioned within urban or high-density suburban submarkets Cortland believes possess favorable demographics and strong multifamily fundamentals. Pure Multi-Family’s portfolio of 22 apartment communities and 7,085 apartment units are in five of Cortland’s high-growth markets in Texas (Dallas-Fort Worth, Houston, Austin and San Antonio) and Arizona (Phoenix).

At the core of its business, Cortland works to excel in the living experiences it provides its residents. With this acquisition, Cortland intends to leverage its increased scale and vertically integrated business model in these markets to make operational, leasing and market efficiencies that will deliver brilliant service and elevated living experiences to its residents.

“We’re excited to bring Pure Multi-Family’s communities, associates and 11,000 new residents into the Cortland family,” Cortland founder and CEO Steven DeFrancis said. “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.”

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CHICAGO, IL – JVM Realty (JVM), a leading vertically integrated multifamily real estate investment and property management firm, announced it has bought Randall Highlands, a 146-unit luxury rental townhome community in North Aurora, Ill., one of the western suburbs of Chicago. JVM Management, Inc. will manage the community.

Built in 2013, Randall Highlands is part of JVM’s growing suburban Chicago portfolio. The company owns and operates three other apartment communities in the Chicago metropolitan area and is set to close on its acquisition of a fifth property in the market later this year. At Randall Highlands, JVM will make some light enhancements to the property to differentiate the community from its competitors. 

“This property is an exciting addition to our portfolio,” said Jay Madary, president and CEO of JVM. “It has many outstanding attributes, and we are huge believers in the stability of the suburban Chicagoland apartment market. Additionally, our experience and expertise in the Chicago area will position us to optimize property performance and revenue. We are convinced that all of the factors are in place for this community to thrive and to deliver strong returns to our investors.”

Randall Highlands is in the heart of a suburb that has experienced a significant uptick in retail and commercial development in recent years. Located just 1.5 miles from I-88, it offers simple access to downtown Chicago and north-south highways such as I-355 and I-294. It is a less-than-15-minute drive from the nearest train station, allowing residents who want to use public transportation for their commute to easily do so. 

North Aurora is located in the Illinois Technology and Research Corridor, which serves as the second largest employment base in the metro area outside of downtown Chicago. Major employers near Randall Highlands include FermiLab, Caterpillar and Rush-Copley Medical Center. Residents also have several nearby grocery and retail options, including Target, ALDI and Walgreens. Furthermore, Chicago Premium Outlet Mall – which includes over 170 stores such as Nike, Coach, Tommy Hilfiger and Kate Spade – is only a small drive away. 

Community amenities at Randall Highlands include a zero-depth entry pool with surrounding sun deck, a clubhouse with catering kitchen and coffee bar, a business center with a conference room, a playground and a 24-hour fitness center.

Randall Highlands offers two- and three-bedroom townhomes. The units feature 9-foot ceilings, stainless steel appliances, granite countertops, plank flooring, walk-in closets and full-size washers and dryers. The homes also include attached garages, private patios and balconies.

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DENVER, CO – IRET announced it has bought Lugano at Cherry Creek in Denver, Colorado, for an aggregate buy price of $99.25 million.  The Lugano property consists of 328 homes and 13,262 square feet of retail space on 14.2 acres of land. Lugano Cherry Creek, built in 2010, is centrally located within the metro Denver area and provides access to many major employment centers. 

The homes at Lugano feature granite countertops, large cabinets, nine-foot ceilings, walk-in closets, full-sized washer/dryer, and private patios/balconies. Lugano also offers a full amenity package that includes a clubhouse, outdoor swimming pool, fitness center, cybercafé, outdoor lounge, and structured parking.

Additionally, IRET has recently bought FreightYard Townhomes & Flats, a unique and irreplaceable 96-home community located in the North Loop area of Minneapolis, Minnesota, for an aggregate buy price of $26.0 million. FreightYard is an adaptive re-use of a brick and timber freight house that was refurbished in 2018 and 2019 into 96 walk-up style townhomes and flats, all of which contain exposed brick/timber, high ceilings, and the amenity of one of the best urban neighborhoods in the Twin Cities. FreightYard is located one block from the Mississippi riverfront and is within walking distance of Target Field, First Avenue, Target Center, Minneapolis Farmers Market, and the Minneapolisskyway system. 

IRET also announced that it has closed on the sale of its entire Topeka portfolio consisting of 1,042 multifamily homes for an aggregate sale price of $82.75 million.  

“The opportunistic disposition of our Topeka portfolio allowed us to take advantage of strong demand for multifamily product in our secondary markets and redeploy the proceeds into our strategic growth markets,” said Mark O. Decker, Jr., IRET’s President and CEO.  “Our aim is to increase the quality of our business, and selling the Topeka portfolio and acquiring assets like Lugano and FreightYard is a fantastic step forward.  In every respect, IRET is a better company after this exciting series of transactions, with higher quality cash flow, better potential for growth, and better underlying fundamentals.” 

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