ATLANTA—It's a joint venture partnership with over half a billion dollars—and it targets class B properties. One of Atlanta's biggest multifamily players is at the center of the deal.

Cortland Partners, Canada Pension Plan Investment Board (CPPIB) and GIC formed a joint venture partnership with a targeted equity amount of $550 million to acquire and renovate 8,000 to 10,000 class B multifamily units in the US. CPPIB and GIC will each own a 45% interest in the joint venture and Cortland Partners will own the remaining 10% interest.

“Partnering with these first-class organizations solidifies our business model and proves that a class B multifamily investment strategy reflects smart money,” says Mike Altman, Chief Investment Officer of Cortland Partners. Cortland has long been an advocate of class B multifamily investment.