Joint Venture Acquires 510-Unit Community, Plans $9.2M Renovation
- Feb 12, 2013
Marietta, Ga.—In a joint venture, Cortland Partners and Harbert Management Corporation have acquired a 510-unit community in Marietta, Ga., for $34.6 million. Cortland closed on the deal earlier this month.
The community, which features garden-style apartments, is currently called East Lake Apartments, but Cortland Partners plans to rebrand it as Watermark at East Cobb after a $9.2 million renovation.
“Watermark represents the continued growth of Cortland Partners,” Mike Altman, executive vice president of investment for Cortland Partners, says. “Last year we brought the management and leasing operations in house, and now we are bringing the renovation of our communities under one roof as we continue to seek maximum return for our investors and our residents.”
Cortland plans to execute the renovations to the property directly. The renovation is currently in the planning stages, but will include upgrades to interior finishes, resident amenities and the exterior of the community.
This deal represents the second joint venture between Cortland and Harbert. The first includes the renovation of Park 83, a 664-unit multifamily community in Roswell, Ga.