ATLANTA—Cortland Partners has acquired a whopping 2,237 multifamily units—mostly in the Atlanta region—for $244 million. Four of the multifamily communities are in the Atlanta MSA; one is in the Dallas MSA.
Cortland got the deals done, in part, through equity generated via its new alliance with two institutional capital partners. Debt capital for the transactions was provided by Freddie Mac through Walker Dunlop ($75.85 million) and through a loan commitment led by Ares Commercial Real Estate Corporation ($107.1 million).
“We continue the execution of our strategic investment plan as we hit our stride with these acquisitions and new institutional capital sources,” says Steven DeFrancis, CEO of Cortland. Over the past three years the firm's multifamily portfolio has grown from 1,900 units to just under 13,000 units.
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