Cortland has acquired a portfolio of properties across seven states, bringing the vertically integrated multifamily real estate investment, development, and management company’s total to nearly 85,000 apartment homes. The acquisition of over 1,700 apartment homes further strengthens Cortland’s position in the Sun Belt and high-growth areas including Atlanta, Dallas, Denver, and Raleigh, North Carolina.
“These regions are growing at an unprecedented rate as demand continues for well-located, highly amenitized apartment homes,” says Mike Altman, chief investment officer at Cortland. “These acquisitions represent an opportunity to build on the footprint we’ve established and further our commitment to raise the standard for a hospitality driven apartment living experience.”
Within the new portfolio are several properties that had been primarily focused on corporate housing. Cortland plans to reimagine these communities by converting them into Class A apartment homes with modern finishes and first-class amenities. “The repositioning of corporate housing communities is a great opportunity for Cortland to offer more best-in-class resident experiences across the country,” says Altman. “Our unique ability to transform communities to meet the demands of the modern resident is evidence of Cortland’s market-leading offering.”
Also with planned transformations is Cortland Arlington, formerly known as Oakwood Arlington, which serves as the firm’s third community in Virginia. Cortland reentered the Northern Virginia market recently with the acquisition of Cortland Rosslyn and Cortland Pentagon City. “Cortland Arlington is in a vibrant neighborhood located on a highly visible arterial heading into D.C.," says Dan Irvin, director of investments for Cortland. "We plan to modernize the property to meet the Cortland standard of an amenity-rich community that will match the energy of the Rosslyn neighborhood.”
Among Cortland’s new communities is Cortland Alameda Station, formerly known as Denizen, in the South Broadway neighborhood of Denver. With easy access to downtown, the LEED Platinum-certified 275-unit community offers studio, one-, and two-bedroom homes with modern finishes and amenities. Amenities include a groundfloor café, a bike and ski workshop, a dog spa, and two rooftop sun decks with hot tubs.
In addition, earlier in June, Cortland announced that it had expanded its presence in Idaho with the acquisition of two communities, The Addison, a Boise community of 237 apartment homes, to be renamed Cortland on the River, and Franklin at Ten Mile, with 368 apartment homes in Meridian, to be known as Cortland at Ten Mile. “The addition of these communities to the Cortland family allows us to operate at scale in the market and offer unmatched service to our residents,” says Altman.
