ATLANTA (OCT. 10, 2018) - Cortland, an Atlanta-based multifamily real estate investment firm, has acquired the 531-unit Home at The Battery Atlanta from Braves Development Company (BDC) and Pollack Shores for $156 million, adding to its growing Atlanta portfolio of more than 10,000 apartment units.
Cortland at the Battery Atlanta, as the community will now be called, is a three-building property at 900 Battery Avenue Southeast in Cobb County that was built in 2017 as part of The Battery Atlanta, a residential, retail, office, and entertainment district surrounding the Atlanta Braves' Truist Park (formerly SunTrust Park). It features 328 one-bedroom units, 195 two-bedroom units and eight threebedroom units. Over 92 percent leased, it includes the Residences, Parkside and Flats buildings and represents the only multifamily development in this dynamic, mixed-use development.
Cortland, which recently updated its brand, intends to set the resident experience standard in the multifamily industry. The majority of the company's communities will, like this one, bear the Cortland name in order to highlight the living experience residents can expect from the multifamily leader. Through this acquisition, Cortland gains a core asset in a rapidly densifying commercial and entertainment district that provides a unique opportunity for increasing brand awareness alongside Atlanta's other top company brands.
"We are pleased to add Cortland to The Battery Atlanta with their strong market leadership," said Mike Plant, President and CEO of Braves Development Company. "This is an exciting next step in our master-planned development process by selling our residential component, Home at The Battery Atlanta, to Cortland, who will carry on the one-of-a-kind living experience we have created. The overwhelming success and popularity of Home at The Battery Atlanta has created significant demand in the market, and we are excited to focus on delivering the next dynamic phase."
Opened in 2017, the Class-A property has unparalleled access and walkability to world-class amenities, and the submarket features one of the highest rent-growth rates in metro Atlanta. Cortland at the Battery Atlanta will continue to benefit from the area's future office and retail expansions and more than 1,000 jobs expected from the newest office tower set to break ground in 2019.
"The Atlanta Braves are one of the city's most beloved and iconic institutions," Cortland CEO Steven DeFrancis said. "We're investing in Atlanta, and The Battery, not just because this is our hometown, but because Atlanta is one of the fastest growing markets in the Sun Belt. With this acquisition, we're able to bring the Cortland living experience to the home of the Braves, and join
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