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| Reserve at Deerwood apartments, Jacksonville, FL |
ATLANTA, GA (Oct. 10, 2013) — Cortland Partners continued
its strategic growth trajectory in third-quarter 2013 with eight acquisitions
and the announcement of a new regional office in Dallas.
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| Nick Wilhelmson |
Cortland Partners’
regional Community Support Center will open on Nov. 1 in Dallas, Texas.
Nick Wilhelmson, Cortland’s Director of Investments
for Texas, is leading the Texas team, which includes 12 initial associates
working in marketing and training as
well as construction and asset management. This office will be the hub for
operations and investments for the entire region, which currently includes 12
communities.
Further, Cortland
expanded its portfolio during the third quarter by acquiring, in separate
transactions, eight communities totaling 2,889 apartment homes.
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| Steven DeFrancis |
Cortland closed the nearly $300 million in acquisitions in
conjunction with a variety of lenders, including Freddie Mac, Regions Bank and
Blackstone Mortgage Trust. With these investments, Cortland’s owned portfolio
has grown to include more than 16,000 apartment homes.
“The past three
years have been an incredibly dynamic time for our firm,” said Steven
DeFrancis, CEO of Cortland Partners.
“We have developed alliances with major institutions,
deployed capital in our targeted markets on opportunities that are achieving
the risk-adjusted returns we target for our investors, and have opened a
regional office in Dallas.
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| Preserve at Deer Park apartments, Tampa, FL |
“We are excited about continuing to work with our strategic
partners as we continue to execute the business plan we began to implement in
late 2009.”
In the transactions,
Cortland purchased the 226-unit Reserve at Deerwood in Jacksonville,
Fla., the 448-unit Preserve at Deer Park in Tampa, Fla., the 444-unit Legacy
at Fort Clarke in Gainesville, Fla., the 468-unit Ashley Mill in
Marietta, Ga., the 304-unit Bristol Oaks in Dallas, Texas, the 240-unit Avington
Park at Fossil Creek in Fort Worth, Texas, the 447-unit Audubon Village
in Tampa, Fla., and the 312-unit Vizcaya in Houston, Texas.
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| Legacy at Fort Clarke apartments Gainesville, FL |
“We are pleased
about the pace at which we have been able to deploy capital into investments
that meet our return objectives,” DeFrancis said.
“We target growth in markets with strong job growth, a
growing population, and sensible levels of new construction relative to job
growth that we believe are creating an environment where our new apartment
communities will thrive and continue to increase in value.”
Initially formed to
operate as an apartment developer, the firm began aggressively acquiring
properties three years ago, after the Great Recession slammed the brakes on new
multifamily construction.
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| Ashley Mill apartments, Marietta, GA |
Relying heavily on its development DNA, Cortland seeks out
communities within its targeted markets that are in areas with a limited supply
of undeveloped land and that represent opportunities for the company to add
value.
Through strategic upgrades and renovations to the building
exteriors, unit interiors and amenities, Cortland is able to realize a finished
product that is comparable to the new supply in the market, but at a discount
to replacement cost. This formula helps Cortland create outsized risk-adjusted
returns for its investors.
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| Bristol Oaks Apartments, Dallas, TX |
Since 2010, the firm has used this formula to acquire close
to 50 communities across the company’s footprint. In 2013, Cortland Partners
has acquired more than 6,500 units, costing nearly $700 million.
For a complete copy
of the company’s news release, please contact:
Tony Wilbert
The Wilbert Group
404-254-1487 (O) 404-405-3656 (C)
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