Cortland Acquires Haven at Reunion
338-unit property will be rebranded Cortland Reunion
ATLANTA (OCT. 29, 2019) – Cortland has acquired Haven at Reunion, a 338-unit, Class-A community in Osceola County, a thriving suburb of Orlando, Fla.
The multifamily real estate investment, development, and management company made the acquisition through its Growth and Income fund, which focuses primarily on acquiring core and core-plus properties in certain targeted markets that reflect strong population and job growth. Cortland will rebrand the property Cortland Reunion.
A joint venture between DeBartolo Development & Encore Funds recently completed the community, which is near Central Florida’s major attractions and the businesses that support them. A 5- to 15-minute drive from Cortland Reunion’s gates takes residents to major employers, including Disney, Advent Health and Universal Studios. Community amenities include a large clubhouse featuring co-working space and a pet spa; a fitness center with Peloton bikes and an Aktiv Solutions training system; and two pools, one zero entry resort-style and one lap pool with a sun shelf.
Cortland Reunion’s apartments offer everything future residents expect in their homes, including gourmet kitchens appointed with stainless steel, brand-name appliances and chef-inspired islands featuring granite countertops and designer tile backsplashes. Market distinguishing features include built-in custom closets, backlit vanity mirrors and Smart Home technology. Amazon Echo Dots, powered by Alexa, accompany built-in speakers and voice-controlled thermostats, lights and fans.
“Cortland Reunion presents a great opportunity for Cortland to continue to grow our presence in Central Florida, marking our eighth community in Orlando,” said Kyle Bateh, Cortland investment manager for Florida. “DeBartolo’s programing will complement the high standard for resident experience we strive to set. We’re excited to bring all that Cortland can offer to this newly built, Class-A community, and participate in the continued growth of Southwest Orlando.”
“Haven at Reunion is one of Central Florida’s premier multifamily communities,” said Edward Kobel, DeBartolo Development president and chief operating officer. “We recognized a rare opportunity for residents to live within close proximity of tourism-related employment without the hustle and bustle of a highly-populated and trafficked area. The Central Florida multifamily sector continues to experience tremendous growth, and DeBartolo Development is interested in exploring additional opportunities like Haven in the market.”
Jay Ballard and Ken Delvillar, executive directors with Cushman & Wakefield’s Florida Multifamily Investment Sales Team, represented DeBartolo & Encore in the disposition.
“Haven at Reunion was well-positioned in the market and leased an average of 27 units per month, signaling strong demand for the institutional quality multifamily housing developed by DeBartolo & Encore Funds,” Ballard said.
The foregoing press release is for informational purposes only. Nothing contained herein is to be construed as a solicitation to offer investment advice or services, nor solicitation for the purchase or sale of any security. Information about investing in a Cortland fund is only available in the form of a private placement memorandum and other offering documents which contain information to help investors evaluate Cortland funds' investment objectives, risks, fees and expenses, among other factors, before considering an investment.
Cortland is not aware of the criteria on which the awards referenced in this presentation are based nor, the number of advisors surveyed for either award referenced. Cortland did not pay a fee to receive a workplace or size ranking. These rankings are not indicative of Cortland's future performance.
This press release may contain forward-looking statements. The opinions, forecasts, projections, or other statements, other than statements of historical fact, are forward-looking statements. You are cautions not to unduly rely on these forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this presentation may be relied upon as a guarantee, promise, assurance or representation as to the future. These for looking statements have not been reviewed by anyone outside of Cortland, and while Cortland believes the statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Unless required by law, Cortland undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to Report the occurrence of unanticipated events. Cortland's past and current performance are not indicative of future results, and no representation is made that any Cortland investment will achieve its objectives or that any Cortland strategy will be successful. This press release is not personalized investment advice or an investment recommendation from Cortland.