Cortland, a prominent multifamily operator based in Atlanta, has acquired an apartment complex situated at 415 Armour Drive in the Armour Yards district for roughly $170,000 per unit, totaling over $71 million in the transaction.
This acquisition, completed on April 10 from California-based CWS Capital Partners, marks a significant addition to Cortland’s portfolio. The property, previously branded as Heights Armour, was developed by The Worthing Cos. in the early 2000s and had been sold to CWS for $52 million in 2014.
After the purchase, Cortland has rebranded the complex as Cortland at Armour Yards. According to CEO Steven DeFrancis, the acquisition was facilitated through the firm’s $1.5 billion value-add fund, which intends to invest approximately $100,000 per unit for renovations.
DeFrancis emphasized that the company aims to achieve a basis that is two-thirds of replacement cost, effectively positioning the property as a virtually new asset. The location along the BeltLine, which is slated to open next year, adds further value to this acquisition.
In light of current market conditions, DeFrancis noted the optimism surrounding multifamily investments, citing plentiful new deliveries that have restrained rent growth and shifted pricing dynamics.
“There’s a lot of negative fundamentals, but on the backdrop of really strong demand growth,” he said, highlighting the unique opportunity presented by the market.
In addition to the Armour Yards acquisition, Cortland is reportedly under contract to purchase a stake in a Buckhead apartment tower managed by Flow, a multifamily operator co-founded by Adam Neumann, though DeFrancis refrained from commenting on that specific transaction.
**FINANCING AND DEVELOPMENT IN ATLANTA**
Separately, Atlanta-based private equity firm Woodvale has announced the launch of a $100 million second opportunity fund aimed at hotels, apartment buildings, and transitional commercial properties in the southeast and central U.S. This initiative follows the success of Woodvale’s first $100 million opportunity fund, raised in 2023, which financed the acquisition of four Marriott-branded hotels across Georgia, Alabama, and Mississippi.
Woodvale Vice President Bashir Mansour commented on the timing of the fund, stating, “The year 2024 was marked by dislocation and illiquidity—a perfect storm for well-capitalized and strategic investors. We believe the buying window remains open, and Fund II will capitalize on this opportunity.”
In another development, Woodfield Development and Vida Cos. have received a $3.5 million, 10-year tax break from Develop Fulton for their upcoming $77 million apartment project dubbed 840 Woodrow. This initiative will feature 326 residential units, with 66 designated as income-restricted, alongside 20,000 square feet of commercial space focused on supporting small businesses and startups. The project is set to take place on a 5-acre lot near Adair Park in Atlanta.
**LEASES AND NEW PROJECTS**
Currently, Keller Williams Realty has signed a lease for a regional office covering 12,000 square feet at the Lee + White mixed-use development in Atlanta’s West End. The move from their current offices at 3800 Camp Creek Parkway to the 1070 building reflects Keller Williams’ outlined growth plans.
The transaction involved partners from real estate firms, with Partners Real Estate’s Porter Henritze and Melanie Garlock representing the landlords, while JLL’s Joey Kline facilitated the arrangement for Keller Williams.
Moreover, Lincoln Property Co. has commenced development on a new retail center known as The Shoppes at The Gathering. This 44,000-square-foot project is located near Downtown Alpharetta and aims to include seven retail buildings along Haynes Bridge Road, featuring an outdoor lawn for live music and community events.
This retail effort is part of a broader mixed-use development that will also introduce single-family and townhome options, addressing a growing demand for retail space in a competitive local market.
In personnel news, RangeWater Real Estate has appointed Brian Soss as the new Executive Managing Director of Acquisitions. Soss previously held a leadership role at Starwood Capital Group, directing a multifamily asset management team that executed transactions exceeding $6.5 billion.
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