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| Saxon Woods Apartments, Dallas, TX |
ATLANTA, GA (July 16, 2013) — Continuing its expansion in
the multifamily sector, Cortland Partners has acquired, inseparate
transactions, three communities totaling 1,037 units in Florida and Texas for a
total investment of $130.3 million. The properties are located in Dallas,
Houston and Jacksonville.
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| The Halstead, Houston, TX |
These acquisitions
bring to nine the number of communities that the Atlanta-based multifamily
investment firm owns in its partnership with Cortland Partners GP Fund I and a
large institutional capital partner.
Sticking with the practice of repeat lender relationships, Cortland
worked with Berkadia Commercial Mortgage LLC and Ares Commercial Real Estate
Corp. to place the debt capital for these transactions. In 2013, Cortland and
Ares have worked together on five acquisitions.
“These acquisitions
are an important part of our strategic investment plan to bolster our presence
in Florida and Texas,” said Steven DeFrancis, CEO of Cortland Partners.
“Currently we have five additional assets in Texas and
Florida under contract to purchase over the course of the summer. We will be
making additional inroads into these states and significantly improving our
economies of scale there as well as our overall portfolio diversity.” Over the
past three years, Cortland’s ownership portfolio has grown to almost 15,000
units in Texas and the Southeast.
For a complete copy of the company’s news release, please
contact:
Tony Wilbert
The Wilbert Group
404-965-5022 (O)
404-405-3656 (C)
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