Morguard North American Residential Real Estate Investment Trust (REIT), based in Mississauga, Ontario, has finalized two separate agreements to acquire a total of 6,474 multifamily residential units in the U.S. for $633 million.
According to the REIT, its first agreement is for the purchase, through a subsidiary, of 12 multifamily residential apartment and townhome complexes comprising 3,752 units located in Dallas; Denver; Tampa, Fla.; Atlanta and Raleigh, N.C.Â The acquisition is expected to close by March 31.
Additionally, the REIT has finalized an agreement to purchase, through a subsidiary, 12 multifamily residential apartment and townhome complexes comprising 2,722 units located in Pensacola, Fla.; Mobile, Ala.; and southwest Louisiana from Morguard Corp. The acquisition is expected to close during the first quarter.
‘These investments afford the REIT the opportunity to acquire a portfolio of institutional quality assets with a known operational history, solid yield and high-quality physical plant,’ says Rai Sahi, CEO of Morguard North American Residential REIT. ‘This acquisition will contribute to the REIT on an accretive basis and is indicative of our U.S. growth strategy.’