Thursday, October 10, 2013

Cortland Partners Has Huge Q3 with Eight Acquisitions and Plans for a New Regional Office in Dallas, TX

  
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.

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.

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.

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.

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.

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.

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)



No comments:

Post a Comment