Cortland Grows Charlotte Presence

Cortland has acquired The Adley at Bryton, an apartment community in the Charlotte, N.C. suburb of Huntersville, the fastest growing submarket of the Queen City. The 259-unit, Class A, newly-built property has been renamed Cortland Huntersville.

Cortland was able to undertake the transaction through its Growth and Income Fund, which emphasizes acquisitions of high-quality, stabilized or near-stabilized multifamily assets in specified target markets characterized by robust population and job growth.

Among apartment features and finishes are 9-foot ceilings with crown molding, stainless steel appliances, built-in bookshelves, double-pane windows and granite countertops. Topping the common-area amenities list is a saltwater pool and sun deck.

“We didn’t encounter any serious challenges,” Dan Irvin, Cortland investment manager for the Mid-Atlantic Region, told Multi-Housing News.  “We have strong relationships with all the stakeholders, and have completed over 30 similar transactions of this type in the last two years.”