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.”