Cortland Partners, an apartment owner and manager with a growing presence in the Southeast and Texas, has purchased the 271-unit Pointe at Lenox Park community in Atlanta for $24.9 million. A local, private owner sold the garden-style community, which was built in 1988 and is located in the Druid Hills area of the city.
The community features one- and two-bedroom apartment homes, and amenities include a business center, clubhouse, fitness facility, wood-burning fireplaces, and private balconies. Cortland will perform extensive renovations of the apartment homes and some updates to the common-area amenities.
?The past several years have seen our firm grow aggressively but intelligently throughout the Southeast and Texas, but we still remain committed to growing our portfolio in our hometown of Atlanta,? said Steven DeFrancis, CEO of Cortland Partners. ?The city?s job growth and the restrained amount of new construction in the area are strong indications that the multifamily sector in Atlanta will continue to strengthen in the months and years ahead. We are confident that The Pointe at Lenox Park will perform strongly, as it fits perfectly in our existing Atlanta portfolio and our team?s value-add execution.?
Since the start of the economic downturn, Cortland's ownership portfolio has grown to nearly 19,000 units located primarily in the Southeast and Texas. The firm focuses on value-add acquisitions and development opportunities that produced out-sized, risk-adjusted returns for investors. In 2013, Cortland, whose fully integrated platform includes investment management, property management, and construction services, invested $250 million in equity capital into nearly $1 billion of investments, and it anticipates a similar level of investment for this year.
About Cortland Partners:
With a mission of ?Creating Value for a Better Life,? Cortland Partners is a full-service multifamily real estate acquisition, development, and operating platform focused on producing high-quality NOI performance that generates outsized risk-adjusted returns. The Atlanta-based firm is active across the Southeast and Texas. For more information visit www.cortlandpartners.com.
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