ATLANTA, GA (Aug. 2, 2010) – Cortland Partners, an Atlanta-based multifamily real estate firm, has purchased and will renovate Northchase Apartments (top left photo) in Metro Atlanta. The community is located in Dunwoody just outside I-285 on Peachtree Industrial Blvd.
The cost of the acquisition, including the planned renovation, is $15.2 million.
The 519-apartment community includes one-, two- and three bedroom residences averaging approximately 1,300 square feet. Amenities include two pools, a community center, clubhouse and playground. Three-quarters of the units are townhomes and more than a third have three bedrooms.
“Northchase offers a great product that can provide a great home for people – especially families – who want value and a convenient close-in location. The 42-acre parcel also presents great potential for redevelopment down the road.”
The firm purchased the property from a special servicer, which owned it after it was foreclosed upon last year.
Even though occupancy was around 70%, Cortland Partner’s leadership recognized that the apartments showed great potential, and that occupancy could rise considerably once the renovation is complete.
The renovation, which is expected to last approximately six months, will include significant upgrades and repairs to the exteriors and amenities.
“Distressed assets provide a great opportunity for experienced apartment owners to create value in an otherwise down market,” DeFrancis added. “In a few years I expect we will look back at this time as having been the best market to purchase assets.”
The deal closed Monday, July 12. Mutual of Omaha Bank provided capital in conjunction with Grandbridge Real Estate Capital.
Northchase is located at 6750 Peachtree Industrial Blvd., Atlanta, Georgia 30360. Close to public transportation, it has immediate access to I-285. It is also close to I-85, I-75 and 400 and is seven miles from Buckhead.
Cortland Partners is an innovative, progressive, full service multifamily real estate development firm specializing in unique, financially successful intown developments. Cortland views opportunities from a different perspective, and takes an investment-management approach to its projects.
This helps the firm build thoughtful and interesting homes in unique locations that are site-specific, culturally relevant to their neighborhoods, profitable for investors and partners, and perfectly suited to residents.
For more information, visit http://www.cortlandpartners.com/
Contact: Terri Thornton, 404-687-8760, 404-932-4347 (Cell), http://www.territhornton.com/
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