ATLANTA—Cortland Partners cashed out of two multifamily communities in Atlanta: the Woodridge and Clifton Ridge Townhomes. The transactions mark an end to its value creation cycle on two of the 29 properties it acquired in the past 27 months.

Cortland purchased the two multifamily communities for $3.3 million. The combined sales equaled $11.9 million, producing an average 2.5 multiple on the equity invested in the transactions in less than two years. Cortland invested in significant renovation on both properties to address physical plant issues manifesting in operational distress.

“We were able to achieve our original five-year projected sale prices now, less than two years into the investments,” Marvin Banks, CFO at Cortland, tells GlobeSt.com. “Realizing this value creation allows us to redeploy funds into another outsized risk-adjusted return valuation play.”