ATLANTA, GA (Jan. 12, 2011) – Cortland Partners, an Atlanta-based multifamily real estate firm, is starting the new year by acquiring Highland Court apartments (top left photo) from a Florida-based lender that foreclosed on the property last year.
On Jan. 7 it acquired the property, a 152-unit apartment community in Marietta, GA, for $2.6 million. The firm will spend another $800,000 to make targeted improvements to the property.
“This property, which is 99% occupied, fits perfectly in Cortland’s strategy of making opportunistic acquisitions that are in the path of growth, on a large piece of land with future development potential, and in a great submarket,” said Brad Brown (lower right photo), Cortland’s Chief Acquisitions Officer. “The Marietta market has high barriers to entry for new developments, so this represents a solid buy in a solid submarket.”
The community has a mix of two-bedroom and three-bedroom townhomes. The two-story townhomes are popular with families.
One of the best characteristics of the property is that it is a large and a parklike setting, which helps make the community very appealing to residents.
Located on Allgood Road, adjacent to I-75, Highland Court has great access to Atlanta’s Northwest corridor.
Renovation plans include new roofs, exterior paint, landscaping, signage, and utility repairs. MetroBank in Douglasville financed the acquisition.
Highland Court is the sixth recent addition to Cortland’s portfolio. Since July of 2010, Cortland has acquired 1,515 units and built 222.
For more information, visit www.cortlandpartners.com
Contact: Terri Thornton, 404-932-4347,
No comments:
Post a Comment