Apartment giant Cortland adds trio to continue growth in US, UK

Cortland, one of the largest apartment companies in the United States and a fast-growing landlord in the United Kingdom, has hired three new executives to help lead its expansion across both countries.

The Atlanta-based firm said it hired Sandra Kim-Suk to serve as its chief financial officer. It also added Michelle Johnstone as its executive vice president of client relations and capital markets and Chelsea Holder as head of investor relations, the firm said.

"The addition of these new team members is crucial to driving Cortland's expansion and ensuring our continued success," CEO Steven DeFrancis said in a statement.

Cortland, founded by DeFrancis in 2005, is fortifying its leadership team as it continues its expansion across the U.S. and in the U.K. The firm is making the moves as the apartment market bounces back from a lull after the peak of the pandemic.

"The U.S. multifamily market continued a strong rebound in demand during the fourth quarter of 2024, with 104,000 units absorbed," according to CoStar's national multifamily report. "That brings full-year demand for 2024 to 547,000 units, the strongest total since 2021."

The absorption, or the difference in units occupied versus vacated in a given period, represented a 68% increase over 2023's total. "Demand was driven by stable economic growth, slowing inflation, and a continued slowing of renter households, making the jump to ownership, which creates fewer units to backfill," CoStar said.

Cortland manages and is invested in, directly or indirectly, 240 apartment complexes that comprise nearly 80,000 units in the U.S. It ranked No. 8 on the National Multifamily Housing Council's 2024 list of the 50 Largest Apartment Owners.