Cortland Picks Up Beltline Rental Property for $71.3M
Cortland acquired the 372-unit project at 415 Armour Drive, near the Atlanta Beltline’s Northeast Trail. CWS Capital Partners was the seller of the property, which traded for $71.3 million. Cortland will rebrand the property now called Marquis Midtown District to Cortland at Armour Yards.
The Atlanta Business Chronicle reports that the company plans to renovate the 2008-built apartment complex, including its interiors, amenities, and common spaces. One- and two-bedroom units range from 631 to 1,312, and rents run from $1,525 to $7,335.
Cortland was founded in 2005 with a focus on multifamily development in Atlanta. During the economic downturn in 2008, they shifted their focus from developing communities to acquiring and renovating existing multifamily communities. By 2011, they owned and managed 5,000 apartment homes.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout