Cortland bought the former Gardens at East Cobb in Marietta, a 484-unit apartment community previously owned by NALS Apartment Homes. The company paid $95.75 million, that’s just under $200,000 a unit. The property has been renamed Cortland Woodlands.

The Atlanta Business Journal reports the property was last sold in 2005, when NALS Apartment Homes, formerly known as N/A Foxwood 54, purchased the community for $36 million.

Cortland was founded in 2005 with a focus on multifamily development in Atlanta. During the economic downturn in 2008, they shifted their focus from developing communities to acquiring and renovating existing multifamily communities. By 2011, they owned and managed 5,000 apartment homes.

Cortland has acquired a portfolio of properties across seven states, bringing the vertically integrated multifamily real estate investment, development, and management company’s total to nearly 85,000 apartment homes. Headquartered in Atlanta, they have regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, Orlando, and Phoenix.

General Services Corp. paid $88.2 million for a 322-unit apartment complex in West Nashville, which is just over $270,000 a unit. Cortland Partners was the seller. It paid $69.95 million for the property in 2017.

The Cortland Bellevue apartments are on a 30.36-acre property, with a main address of 645 Old Hickory Blvd., and offer studios, one-and two-and three bedroom units across multiple buildings. Rents range from $1,394 – $2,236 for a three-bedroom.

Headquartered in Atlanta, Cortland owns and manages apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, Orlando, and Phoenix. Internationally, they operate a build-to-rent (BTR) management and development platform in the UK.

Cortland has closed its Cortland Enhanced Value Fund, securing $1.5 billion in commitments. The value-add, multifamily fund is meant to capitalize on targets in the Sunbelt and Mountain West.

Cortland says approximately one-quarter of the commitments were from foreign investors, and 80% were from institutional investors. 

Cortland’s Jason Kern added, “Cortland is now capitalizing on discounted asset prices and higher yields in an improving operating and capital markets environment. By exceeding our initial target by 50%, it’s clear the opportunity to invest with Cortland in this sector at this time resonated strongly with investors.”

Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 250 apartment communities comprised of over 80,000 homes in the US with regional offices in Charlotte, Dallas, Denver, Houston, Orlando, and Phoenix. 

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.