Tuesday, July 16, 2013

Cortland Acquires 1,037 Apartment Homes in Florida and Texas for $130.3 Million

   
         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.

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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