Cortland finalizes $1.6 billion acquisition of greater Atlanta, Washington DC properties

A landmark multifamily transaction involving one of the largest property management companies in the country was finalized this week. 

Atlanta-based Cortland’s $1.6 billion acquisition of a 19-property portfolio closed on Nov. 12, according to a company news release. 

Cortland entered a purchase and sale agreement earlier this year with property manager Elme Communities, agreeing to absorb 19 of its multifamily assets in an all-cash transaction as the Bethesda, Maryland-based real estate investment trust takes initial steps to liquidate. 

The portfolio features apartment communities located across metro Atlanta, Washington D.C. and the adjacent northern Virginia suburbs. 

Three of these communities are in the greater Atlanta area: Elme Druid Hills in Atlanta proper, Elme Cumberland in Smyrna and Elme Eagles Landing in Stockbridge. 

Nearly 6,000 multifamily units are part of the deal, per the news release. 

The transaction serves as the priciest in Cortland’s history, Atlanta Business Chronicle previously reported. It’s also the company’s second-ever large-scale transaction with a publicly traded REIT, following Cortland’s $1.2 billion acquisition of the Canada-based apartment manager Pure Multifamily REIT in 2019. 

This transaction added over 7,000 rental units located across Texas and Arizona to Cortland’s national portfolio. 

The deal also propelled Cortland to become the largest apartment owner in Dallas, according to the November news release