Atlanta is still very much a hunting ground for Cortland Partners, according to its newly named CIO Brad Brown (middle with Jacques Mebius and Mike Altman). "We're literally looking at Class A, B and C [apartment complexes]," Brad tells us, adding that they prefer value-add opportunities. ?Obviously, you're starting to see fundamentals, at least from an occupancy standpoint, get a little bit stronger.? Brad says he sees multifamily occupancy rising simply because it's become harder for people to get home loans. As such, they're choosing to move into apartments instead. Cortland?s most recent purchase was the Northchase Apartments in Dunwoody, for which it paid $10.2M for the 519-unit complex at 70% occupancy. |
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