DeKalb County Apartments Acquired by Cortland Partners; Deal is Firm’s Fifth Since June

ATLANTA, GA – Atlanta-based multifamily real estate firm Cortland Partners has acquired and will renovate a 276-unit apartment community in DeKalb County, Georgia.

The deal to acquire Woodhaven Apartments (top left rendering) closed November 24.

Cortland has now acquired a total of five communities since June.

The gated apartment community includes a mix of one, two, and three bedroom apartments, which Director of Acquisitions Mike Altman describes as an ideal mix for families.

Mutual of Omaha Bank, in conjunction with Grandbridge Real Estate Capital, capitalized the transaction.

 The $7.7 million project includes substantial upgrades including new siding, windows and doors. Interiors will get architectural upgrades, new cabinets, and appliances, as well as heating and air conditioning systems.

“Once renovated, the property will have a low life-cycle cost with high efficiency systems and low maintenance exteriors,” Altman says.

Woodhaven is located at 3800 Brockett Trail Road near Tucker. Being just off Stone Mountain Freeway (U.S. 78), the location provides easy access to the downtown Decatur and the Clifton Corridor job markets.

 The Centers for Disease Control (middle right photo), Emory University (middle left photo), and Children’s Healthcare of Atlanta (bottom right photo) provide about 30,000 jobs, making Woodhaven an excellent place for families to live and access these opportunities.

Having just been through foreclosure, Woodhaven was 73% occupied at closing, with 25% of the units off-line due to a lack of funding for maintenance and unit turnover.

 The renovation is expected to be complete in under nine months.

Altman adds that the firm will continue looking for new opportunities.

 “We are going to continue looking for great buying opportunities available during the market recovery,” he says.

Media Contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com