Dallas-Fort Worth's largest apartment owner had its most active year in a single market in company history in 2019. And more acquisitions are expected this year.
Cortland, an Atlanta-based multifamily investor and developer, purchased 15 apartment complexes last year in DFW, totaling nearly 5,400 units. A majority of those properties came as part of a $1.2 billion acquisition of Vancouver, British Columbia-based Pure Multi-Family REIT in September.
Along with a new build which broke ground in 2019, Cortland now owns 42 apartment complexes in DFW, totaling 14,170 units.
North Texas will remain one of the company's primary investment markets this year, says Chief Investment Officer Mike Altman.
"2020 feels like it will be a continuation of our 2019 activity. We're trying to make thoughtful investments in each market and look for worthwhile returns. We also want to continue to add value to neighborhoods and offer a unique product to our customers. DFW is a great location overall and a great place to invest in," said Altman.
This growth will not come from new developments, but rather more acquisitions in targeted submarkets.
The company already owns property all over North Texas – from Fort Worth to Downtown Dallas.
Its portfolio also includes various product types, and Altman says 2020 should see investment in both newly built core assets and value-add assets that will undergo significant renovations.
Cortland also plans to make Dallas the second market to experience the launch of its brand strategy. "We've already done it in Atlanta, and Dallas is the next foothold for us. It'll be a proactive push in the way we're communicating to customers. You'll see it in media through TV and radio ads, billboards and promotions. We want to educate people on the products we offer," said Altman.