Atlanta, GA (Nov. 29, 2011) – Cortland Partners is making an $18.2 million investment in Charlotte, N.C. through the acquisition of two apartment communities, marking the Atlanta mutlifamily commercial real estate firm’s entry into the Queen City.
Late last month, Cortland Partners purchased Cameron at Hickory Grove (top left photo), 5625 Keyway Boulevard, and Delta Crossing, 6000 Delta Crossing Lane, in separate transactions.
Both are garden-style communities located a few miles from Uptown Charlotte and the University of North Carolina-Charlotte and University City. University City is home to the university, a research and technology park, a hospital and more. It is the No. 2 employment center in the city behind uptown.
“Cameron at Hickory Grove and Delta Crossing are Cortland’s entry into Charlotte,” said Cortland Partners Chief Acquisition Officer Brad Brown (middle right photo). “With new supply for apartments slowed to a halt, Charlotte has recorded big revenue growth in 2011. We hope to complete multiple transactions in the Charlotte market in 2012.”
The acquisitions are the sixteenth and seventeenth respectively for Cortland Partners in 2011, which now has more than 7,600 in its multifamily portfolio throughout the Southeastern United States.
Cameron at Hickory Grove is a 202-unit garden style multifamily apartment complex and was 93 percent occupied at the close of the second quarter 2011. Due to financial issues with other assets within the portfolio, the owner gave the property back to GE Capital in December of 2010. Cortland closed on the property Oct. 27 for $7.54 million.
Delta Crossing is a 178-apartment garden style complex. The property is situated on 22.52 acres with an average unit size 896 square feet and was 92 percent occupied at the end of the second quarter. It is located six miles from Uptown Charlotte and four miles south of University City. Cortland closed on Delta Crossing Oct. 28 for $7.3 million.
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 generating outsized risk-adjusted returns.
Cortland Partners has been involved in the development, management or ownership of more than 10,000 units with a cumulative value exceeding $1 billion. The Atlanta-based firm is active in Georgia, Florida, Louisiana, South Carolina, North Carolina and Texas.
For more information, visit http://www.cortlandpartners.com/.
Media Contact:
Thornton Kennedy
404-210-0363 cell
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