Lexington Farms Apartments, Alpharetta, GA
ATLANTA, GA (April
22, 2013) — Cortland Partners continued its expansion in the multifamily sector
by acquiring five communities totaling 2,237 apartment homes in a series of
transactions with a total capital investment of $244 million. Four of the
communities are located in the Atlanta MSA and the fifth is in the Dallas MSA.
 |
| Steven DeFrancis |
The Atlanta-based
multifamily investment firm funded the acquisitions in part through equity
provided by its new alliance with two institutional capital partners. Debt capital
for the transactions was provided by Freddie Mac through Walker Dunlop
($75.85 million) and through a loan commitment led by Ares Commercial Real
Estate Corporation ($107.1 million).
“We continue the
execution of our strategic investment plan as we hit our stride with these
acquisitions and new institutional capital sources. Our portfolio has grown
from 1,900 apartment homes to just under 13,000 apartment homes during the past
three years,” said Steven DeFrancis, CEO of Cortland Partners.
Coventry at Cityview Apartments, Fort Worth, TX
“We have improved our economies of scale in Texas with the
addition of Coventry at Cityview in Fort Worth, enhanced our allocation
in the Atlanta market, which is poised to outperform the national economy, and
continued to evolve the capital structure of the firm.”
The new alliance
with two institutional capital partners provides Cortland a total of $200
million ofequity capital to acquire communities in its selected markets
throughout Texas and the Southeast. The first five of these investments include
the following:
Idlewylde Apartments, Duluth, GA
· Coventry at
Cityview in Fort Worth with 360 apartment homes.
· Idlewylde
in the Duluth area of Atlanta with 843 apartment homes. Cortland intends to
operate this investment as two separate communities, consistent with the
original development of the two-phased community. The seller was Associated
Estates, a NYSE-traded REIT.
· Promenade
at Peachtree in the Brookhaven/Chamblee area of Atlanta with 406 apartment
homes.
· Lexington
Farms in the Alpharetta area of Atlanta with 360 apartment homes.
· Longwood in
the Decatur area of Atlanta with 268 apartment homes.
Promenade at Peachtree,Lexington Farms and Longwood were
sold by Equity Residential, a NYSE-tradedREIT.
Promenade at Peachtree Apartments
Brookhaven/Chamblee area of Atlanta, GA
Cortland plans to invest in various interior and exterior
upgrades to the communities consistent with its value-add investment strategy.
“We have $140 million of equity capital for future investments through this new
equity capital alliance. We are actively seeking investments that meet our
value creation criteria throughout our targeted markets,” DeFrancis said.
For a complete copy of the company’s news release, please
contact:
Stephen Ursery
The Wilbert Group
E-mail: sursery@thewilbertgroup.com
Office: (404) 965-5026
Cell: (404) 405-2354
Tony Wilbert
The Wilbert Group
404-965-5022 (O) 404-405-3656 (C)
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