At acquisition, Cortland Biltmore was a recently completed class-A asset located in the Camelback submarket, which is one of the key employment centers for high-income earners in the MSA. Along with its central location and ease of access, the asset is located across the street from the Biltmore Fashion Center with dozens of restaurants, high-end shops, and department stores. Target residents would be affluent individuals who have decided to sell their high-priced homes at the peak of market, are moving in from out of state, or are the area's white-collar, highly educated professionals. Cortland’s investment team believes Cortland Biltmore is a luxury for-rent multifamily asset that likely surpasses the amenity and finish level of competing assets in the surrounding proximity at time of acquisition. The asset's closest comps are condo complexes which have units for sale for well over $1M.
CASE STUDY DISCLAIMER:
The selected investments have been included for illustrative purposes only, and have been selected in order to provide examples of the types of investments made by Cortland implementing various Cortland investment strategies and not on any performance-based criteria. The case studies do not purport to be a complete list of all investments made by Cortland executing similar strategies, and the investment examples selected do not represent all holdings purchased, sold, or recommended by Cortland exhibiting a similar strategy, nor indicative of how the same investment would perform if purchased today or at any other time than depicted. Investments following a similar strategy executed over the same time period may have performed better and worse than the example shown. Multiple factors may influence the performance of the investment, including, without limitation, the timing of the applicable investment. The qualitative and performance results depicted in this presentation are limited to the asset shown, purchased at the time the relevant asset was acquired, and implementing the strategy at a cost basis that was indicative of costs of goods and labor at the time of the execution of the strategy, and are not intended to evidence the performance of an investment made today or at any point in the future. Past performance is not indicative of future results.
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