Cortland Acquires The Adley at Bryton, Expanding Presence in Charlotte
259-unit multifamily property rebranded Cortland Huntersville
ATLANTA (NOV. 13, 2019) – Cortland has acquired the 259-unit, Class-A The Adley at Bryton apartment community in the Bryton Town Center, a transit-oriented master planned mixed-use neighborhood currently under development near Charlotte, N.C.
Cortland has rebranded the newly constructed community Cortland Huntersville.
With this acquisition,
Cortland, either directly or through its sponsored or managed investment vehicles, now owns or manages 11 communities and more than 3,400 units in Charlotte. It also expands Cortland’s presence in the Mid-Atlantic region to 5,560 units owned or managed.
Cortland made the acquisition through its Growth and Income fund, which focuses primarily on acquiring high quality, stabilized or near stabilized properties in certain targeted markets that reflect strong population and job growth.
Bryton Town Center will be the gateway to Huntersville, N.C., adjacent to the Interstate 77 Express lanes and Interstate 485 interchange, providing efficient access to all of Charlotte’s major employment centers. In addition to the location, residents will be able to enjoy some of the largest floorplans in the submarket. With an average unit size of 1,065 square feet, Cortland Huntersville’s average unit sizes exceed the comparable community average by 60 square feet.
A variety of amenities provide ample opportunities for residents to rest, relax and recharge. The clubhouse includes a cyber-lounge, movie theatre and a social lounge. The fitness center features circuit and resistance training with high-endurance equipment, free weights, a yoga area and spin bikes. The fitness center experience will be enhanced for residents with access to Cortland’s signature Elevate program, which includes free group fitness classes, personalized workouts and discounted personal training, as well as discounted nutritional services. Outdoor amenities also feature a saltwater pool with cabanas, an outdoor kitchen, a dog park, a car care center and a drive-thru mail location.
“Cortland is well positioned to leverage our existing knowledge of this submarket, where we have participated since 2015 and currently own or manage nearby apartment communities Wren Northlake and Cascades at Northlake,” said Dan Irvin, a Cortland investment manager for the Mid-Atlantic region. “We’re excited to expand our presence in Huntersville and greater Charlotte through Cortland Huntersville, and we are thrilled to be a part of Bryton Town Center. We look forward to bringing our dedication to going above and beyond apartment living to our new residents.”
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.
