Morguard North American Residential Real Estate Investment Trust (REIT) has finalized two separate agreements to acquire a total of 6,474 multi-family residential units in the U.S.

“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.”

The first agreement is for the purchase of 12 multi-family residential apartment and townhome complexes comprised of 3,752 units located in Dallas, Texas, Denver, Colo., Tampa, Fla., Raleigh, N.C., and Atlanta, Ga. The acquisition is expected to close March 31, 2013.

The 12 properties are best-in-class lowrise, enclave, garden-style walk-ups with covered parking, leasing centres and amenity packages with a weighted average age from construction of 11 years.

The REIT has also finalized an agreement to purchase 12 multi-family residential apartment and townhome complexes comprised of 2,722 units in Pensacola, Fla., Mobile, Ala., and southwest Louisiana from Morguard Corp. The acquisition is expected to close during the first quarter of 2013.

The properties are similar in style: three-storey, garden-style walk-ups with upgraded suites, surface and covered parking, and amenity packages.

The two portfolios will be purchased for gross consideration of approximately $633 million US.

After closing these acquisitions, Morguard will own interest in a total of 12,850 units in Canada and the U.S., value at approximately $1.5 billion.