ATLANTA, GA (May 25, 2021) – Cortland has closed on the Cortland Enhanced Value Fund V, L.P. and its affiliated entities (“Fund V”), meeting its hard cap and raising $650 million in commitments.
Fund V was oversubscribed with support from legacy investors, combined with significant interest from new and existing institutional investors.
“As with our earlier funds, Fund V seeks to capitalize on Cortland’s market scale and concentration in target growth markets, primarily in the U.S. Southeast and Southwest, and leverage Cortland’s vertically-integrated operating platform in pursuit of superior operating results,” said Ned Stiker, Cortland Senior Managing Partner, Investments and Capital Markets.
Fund V represents the fifth in Cortland’s series of closed-end funds, which target primarily value-add multifamily assets in high-growth markets across the U.S., particularly in the Sunbelt region.
“We believe the successful raise of Fund V underscores institutional capital’s strengthening demand for multifamily real estate and confidence in Cortland’s renovation expertise developed through the completion of more than 44,000 apartment home renovations,” said Steven DeFrancis, Cortland CEO. “We are grateful for the trust our investment partners have placed in us and look forward to the opportunity to continue to deliver positive results for them.”
Cortland is a vertically integrated multifamily real estate investment, development, and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, nearly 200 apartment communities comprised of more than 65,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland operates a management and development platform in the UK. To learn more about Cortland, please visit cortland.com.
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