Cortland Acquires 1,700-Unit Multifamily Portfolio

ATLANTA, GA – Vertically-integrated, multifamily real estate investment, development and management company Cortland has acquired a portfolio of more than 1,700 multifamily units across seven states.

The properties are located across the Sunbelt and high-growth markets, such as Dallas, Atlanta, Raleigh and Denver.

“These regions are growing at an unprecedented rate as demand continues for well-located, highly-amenitized apartment homes,” says Mike Altman, chief investment officer at Cortland. “These acquisitions represent an opportunity to build on the footprint we’ve established and further our commitment to raise the standard for a hospitality driven apartment living experience.”

Cortland plans to fully reimagine several of the communities that had previously been focused on corporate housing. The firm plans to convert these properties into class A apartment communities with first-class amenities and modern finishes.

“The repositioning of corporate housing communities is a great opportunity for Cortland to offer more best-in-class resident experiences across the country,” states Altman. “Our unique ability to transform communities to meet the demands of the modern resident is evidence of Cortland’s market-leading offering.”

One of the properties that Cortland acquired is the 275-unit Cortland Alameda Station, formerly known as Denizen, located in Denver’s South Broadway neighborhood. The LEED Platinum-certified community offers studios, one- and two-bedroom floorplans, and amenities including a bike and ski workshop, a dog spa, a ground floor café and two rooftop sun decks with hot tubs.

One of the properties that Cortland plans to transform is Cortland Arlington, formerly known as Oakwood Arlington. The property represents the Cortland’s third community in Virginia. The firm recently re-entered the Northern Virginia market with the addition of Cortland Rosslyn and Cortland Pentagon City.

“Cortland Arlington is in a vibrant neighborhood located on a highly-visible arterial heading into DC,” states Dan Irvin, Cortland’s director of investments. “We plan to modernize the property to meet the Cortland standard of an amenity-rich community that will match the energy of the Rosslyn neighborhood.”

With the acquisition, the firm now owns a total of nearly 85,000 apartment units.

Eastdil Secured represented the seller in the portfolio transaction.