 |
| Pointe at Lenox Park Apartments, Atlanta, GA |
ATLANTA, GA — Cortland Partners, an apartment owner and
manager with a growing presence in the Southeast and Texas, has purchased the
271-unit Pointe at Lenox Park community in Atlanta for $24.9 million.
A local, private owner sold the garden-style community,
which was built in 1988 and is located in the Druid Hills area of the city.
 |
| Steven DeFrancis |
The community
features one- and two-bedroom apartment homes, and amenities include a business
center, clubhouse, fitness facility, wood-burning fireplaces, and private
balconies.
Cortland will perform extensive renovations of the apartment homes
and some updates to the common-area amenities.
“The past several years have seen our firm grow aggressively
but intelligently throughout the Southeast and Texas, but we still remain
committed to growing our portfolio in our hometown of Atlanta,” said Steven
DeFrancis, CEO of Cortland Partners.
“The city’s job growth and the restrained amount of new
construction in the area are strong indications that the multifamily sector in
Atlanta will continue to strengthen in the months and years ahead. We are
confident that The Pointe at Lenox Park will perform strongly, as it fits
perfectly in our existing Atlanta portfolio and our team’s value-add
execution.”
Since the start of the economic downturn, Cortland's
ownership portfolio has grown to nearly 19,000 units located primarily in the
Southeast and Texas. The firm focuses on value-add acquisitions and development
opportunities that produced out-sized, risk-adjusted returns for investors. In
2013, Cortland, whose fully integrated platform includes investment management,
property management, and construction services, invested $250 million in equity
capital into nearly $1 billion of investments, and it anticipates a similar
level of investment for this year.
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