ATLANTA, Sept. 8, 2015 (GLOBE NEWSWIRE) -- Cortland Partners is on track to meet its growth objectives for 2015 thanks to the company's acquisitions since the beginning of the year, including its most recent addition in August of 1,374 units with a value of nearly $139 million across markets in Georgia, Texas and Florida.
Since the start of 2014, Cortland Partners has acquired approximately 14,000 units and now owns over 30,000 apartment homes throughout the Southeast, Midwest, and Texas.
As part of this expansion, the Atlanta-based company opened a new regional office in Charlotte, North Carolina in April. This spring, Cortland purchased 3,265 units in Charlotte, becoming the fourth-largest multifamily owner in the Queen City.
The company's growth has landed it on the 2015 National Multifamily Housing Council's (NMHC) prestigious annual ranking of the 50 largest apartment owners. This designation marks Cortland's first time on the list, which is a nationwide ranking based on the number of units owned.
"Our growth this year is both significant and sustainable," said Steven DeFrancis, CEO of Cortland Partners. "Through our strategic infrastructure, which includes product design, property management, construction management, and manufacturing, we are uniquely positioned to drive outsized returns by meeting the growing demand for distinct living choices and superior service."
Cortland, which employs over 950 associates in eight states and is the only institutionally scaled, multifamily value-add enterprise in the country, began as a developer and still pursues development opportunities. Yet, the company has shifted its primary focus in recent years, using its development expertise to revitalize already existing communities in order to deliver a higher quality product for a better living experience.
Over the past four years, Cortland has been steadily setting itself apart from the more traditional approaches to multifamily real estate by operating its property and construction management functions in house to ensure a more unified vision in executing its value-add and customer service strategies for its residents.
"A key part of our growth strategy has also been our recruitment of outside-industry leadership," added DeFrancis. "Coupled with our proprietary approach, our efforts to meld best practices from other consumer-driven industries is helping us redefine the traditionally commoditized multifamily sector in order to offer a level of service and living choices historically not experienced in apartment living."
More Than 6,000 Units Acquired in 2015
In a series of transactions totaling $646 million, Cortland has acquired over 6,000 apartment homes in Florida, Georgia, North Carolina and Texas since the start of the year, including Austin, TX, a new market for the company. As part of their value-add strategy, Cortland Partners plans to invest $126 million in renovations to these properties.
Looking ahead, Cortland is poised to acquire nearly 3,000 additional units in September and October, expanding its presence in its current Georgia and Texas markets, as well as entering North Carolina's Raleigh-Durham market.
The company is also slated to begin development of new communities in Dallas, Texas; Birmingham, Alabama; and Tampa, Florida.
"We remain bullish on 2015 and are optimistic about the opportunities we're anticipating throughout the back half of 2015," DeFrancis said. "As we achieve our growth goals for the year and look to the future, we're excited to enhance our position as the preeminent value-add multifamily developer in the U.S."
About Cortland Partners:
With a mission of "Creating Value for a Better Life," Atlanta-based Cortland Partners, is a full-service multifamily real estate acquisition, development and operating entity focused on providing superior product offerings and customer service to its residents and producing high-quality NOI performance that generates outsized, risk-adjusted returns for its investors. Cortland Partners owns over 30,000 apartment homes in 16 markets throughout eight states, primarily in the Southeast and Texas. Cortland Partners has been recognized as a National Multifamily Housing Council (NMHC) Top 50 Company (2015) and one of Atlanta's "2015 Top 50 Midsize Workplaces." For more information, visit www.cortlandpartners.com.
CONTACT: Sarah DeFrancis Cortland Partners 404.965.3988 Sarah.DeFrancis@cortlandpartners.comSource:Cortland Partners