ATLANTA--(BUSINESS WIRE)--Cortland Partners has purchased Arium Palm Cove and Arium at Laguna Lakes, two neighboring communities aptly located in West Palm Beach, Fla. The Atlanta-based multifamily investment and management firm plans to consolidate the communities into a single, larger community to be called Portofino Place. In so integrating the two communities, Cortland Partners will create synergies in operating efficiency under a cohesive leasing staff and management team, bringing quality service and delivering a superior resident experience. Financial terms for the transaction were not disclosed.
“We’ve had our eye on West Palm Beach for some time and feel it’s an attractive submarket to enter,” said Steven DeFrancis, Cortland Partners Founder and CEO. “Occupancy rates are at an all-time high nationwide and demand for our specific housing offering is stronger than it’s ever been. We look forward to a fruitful, long-term investment future in an exciting location.”
The purchase closed on October 14th and is the latest portfolio addition and new market entry for Cortland Partners. As is typical with the company’s portfolio additions, these end-cycle properties will undergo significant renovations meant to provide a superior living experience that promotes interconnectivity, convenience, and a sense of community, dovetailed by luxurious finishes and thoughtful design.
“Our top priority remains ensuring that our residents get the best living experience possible, and by combining these two communities, coupled with significant, transformative renovations and upgrades to existing amenities, we’re setting ourselves apart from competitive offerings,” said DeFrancis. “We are excited to bring the unique Cortland lifestyle offering to this market, providing more people with the quality living experience and state-of-the-art amenities that residents have come to expect from a Cortland community.”
Headquartered in Atlanta with properties in Georgia, Florida, North Carolina, Colorado, Louisiana, Texas, Florida, Ohio and Washington, D.C., Cortland Partners was recently named to the National Multifamily Housing Council’s list of the “Top 50 Largest Apartment Owners,” and for the first time, the “Top 50 Largest Apartment Managers.” For additional information on Cortland Partners, please visit www.cortlandpartners.com.
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 almost 35,000
apartment homes in 17 markets throughout seven states, primarily in the
Southeast and Texas. Cortland Partners has been recognized as a National
Multifamily Housing Council (NMHC) Top 50 Company (2016) and one of
Atlanta’s “2016 Top 50 Midsize Workplaces.” For more information, visit www.cortlandpartners.com.