Cortland Sheds Northlake Asset for $23.9M

By Balazs Szekely, Associate Editor

1500 Oak

Multi Housing Advisors (MHA) arranged the $23.9 million sale of 368-unit apartment community 1500 Oak on behalf of the seller in the Northlake submarket of Atlanta.

Founder & Managing Partner Josh Goldfarb and Managing Director Tyler Averitt of MHA’s Atlanta office represented Cortland Partners in the transaction. Engineering Partners purchased the property. The property changed hands for $23.9 million, which translates into $64,946 per unit or $50 per square foot. Cortland Partners acquired 1500 Oak in June 2011 for just over $6.5 million in a foreclosure proceeding, according to Yardi Matrix.

The community is comprised of two-and three-story houses with pitched roofs, private balconies and semi-private entry. The buildings have recently undergone a comprehensive renovation program. Unit interiors now feature new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two-inch wood blinds, vinyl plank flooring, and energy- and water-efficient bathrooms. The common areas include amenities such as a clubhouse, tennis court, swimming pool, laundry facilities and 562 parking spaces.

Photo courtesy of 1500 Oak