CORTLAND ACQUIRES THREE MULTIFAMILY COMMUNITIES FOR $130.3M

ATLANTA — Atlanta-based Cortland Partners has acquired three apartment communities totaling 1,037 units in Texas and Florida. Cortland purchased the communities for $130.3 million in three separate transactions. Cortland worked with Berkadia Commercial Mortgage LLC and Ares Commercial Real Estate Corp. to place the debt capital for these transactions. The first acquisition is Saxon Woods, a 510-unit community located in Dallas, for a total capital investment of $60.4 million. The second acquisition is Halstead, a 301-unit complex located in Houston, for a total capital investment of $47.4 million. The final acquisition is the Reserve at Deerwood, a 226-unit multifamily community located in Jacksonville, for a total capital investment of $22.5 million.