Cortland Partners Adds 2,500 Multi-Family Units in $56M Summer Buying Streak
- Sep 16, 2011
Through a steady stream of acquisitions, Atlanta-based multifamily specialist Cortland Partners spent the summer showing that it is bullish on its backyard. In July, the firm closed on the $37.5 million purchase of a five-property Metropolitan Atlanta portfolio from Bethany Group. Prior to the sale, the assets had come under receivership. Representing 1,531 units in all, the properties are Somerset at the Crossing Apartments in Tucker; Steeple Chase Apartments and Sinclair Apartments, both in Norcross; LaCota Apartments in Dunwoody; and Alden Ridge Apartments in Clarkston. In disclosing the transaction late last month, Corltand cited the solid occupancy rate of the assets, three of which are 93 percent leased.
Cortland picked up another 1,000 units this summer through lender sales of distressed assets. According to a report by Citybizlist, the firm paid $18.7 million in several transactions for four assets. In late August, Cortland acquired the 188-unit Greens at Windy Hill Apartments in Smyrna; Casa Los Pinos Apartments, a 386-unit community in Norcross; and the 250-unit Spring Valley Apartments in Decatur. Those pickups followed Cortland’s purchase of Ivy Park, a 176-unit property in Atlanta formerly known as the Courtyards at Glenview. An affiliate of Cambridge, Mass.-based Equity Resource Investments L.L.C. provided acquisition funding for all four properties.
In a recent statement regarding the acquisitions, Cortland cited the tendency of Atlanta’s market to outperform other major cities in terms of job growth. Demographics also favor Atlanta’s multifamily market; the city is widely regarded as a favorite among people aged 25 to 34, a group that contains a high proportion of renters and is also sought after by employers.