ATLANTA, GA– Cortland Partners, an Atlanta-based multifamily real estate firm, has acquired the 80-unit Harbour Oaks Apartments (top left photo) in Marietta, Georgia.
The project’s financing closed November 23. The total cost of the project, including the planned renovation of the foreclosed community, is $3.3 million.
Self-Help Venture Fund, a North Carolina-based credit union, is financing the project using federal stimulus funds from the Neighborhood Stabilization Program (NSP). Twenty percent of the renovated community will be reserved for affordable housing.
“The architecture is traditional, and doesn’t require extensive exterior modifications,” says Director of Acquisitions Mike Altman. “This allows us to invest more into the interior finishes and energy efficiency.”
Harbour Oaks, located at 1565 Crider Road in Marietta, has 80 one and two-bedroom apartments in a quiet, neighborhood-like setting. The apartments will get new hardwood floors, bathrooms, and kitchens complete with Energy Star appliances.
Cortland originally purchased the delinquent note for Harbour Oaks from JP Morgan/Chase in June. Cortland worked with the borrower to negotiate a deed in-lieu of foreclosure in late October.
Once Cortland owned the fee simple title, it was able to utilize the NSP funds to renovate the property and move forward with the project.
The renovation is expected to be complete in about nine months.
For more information, visit http://www.cortlandpartners.com/
Media Contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com
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