ATLANTA—Multifamily investors are getting creative with acquisitions in key markets. In a joint venture with Harbert Management Corporation, Cortland Partners has acquired a 644-unit multifamily project in Roswell for $38.75 million.

Centennial Ridge is an institutionally-developed multifamily commuting sitting on 83 acres of Roswell land. The multifamily complex is on Holcomb Bridge Road, a popular thoroughfare in an affluent Atlanta corridor. Cortland and Harbert plan to spend $10.6 million to renovate and upgrade the multifamily property.

“Cortland’s acquisition price represents a discount of approximately 30% to the previous owner’s cost basis,” Paul Wrights, an investment manager at Cortland Partners, tells GlobeSt.com. “Centennial’s rents and occupancy are currently well-below comparable nearby properties, which command occupancies of 95% or more with monthly rents at $100 to $200 per unit higher, presenting attractive upside opportunity.”