ORLANDO—Cortland Partners is spreading its wings in Florida. The multifamily owner and manager is opening an Orlando office.

Cortland recently got its multifamily feet wet in the metro Orlando market with the acquisition of Harbor at Lake Howell, a 408-unit, garden-style community in Casselberry, FL. Now, Orlando native John Builder is joining the firm as director of investments for Florida. He will manage the firm's development and acquisition activities across the state.

“With our presence already established and growing in Jacksonville and Tampa, Orlando is Cortland's next step in entering the growing Florida market,” Steven DeFrancis, CEO of Cortland, tells GlobeSt.com. “We are bullish about the long-term vitality of the apartment markets in Orlando and in other metropolitan areas in Florida, and John is exactly the right person to oversee our expansion in the state. We remain committed to growing throughout the Sunshine State.”

Builder has over 15 years of experience in investment-grade real estate acquisitions, portfolio management, joint ventures, and development. Before signing on with Cortland, he was a principal at Orlando-based Palmetto Real Estate Advisors, which specializes in the development of high-rise multifamily properties.

Cortland purchased its first Florida multifamily community in 2012. Today, the firm owns seven multifamily communities with about 3,000 units in the state. Cortland owns multifamily assets in Gainesville, Jacksonville, Orlando, and Tampa.

Looking further back, Cortland's ownership portfolio has grown to nearly 19,000 multifamily units located primarily in the Southeast and Texas since the start of the economic downturn. The firm focuses on value-add acquisitions and development opportunities that produced out-sized risk-adjusted returns for multifamily investors. In 2013, Cortland invested $250 million in equity capital into nearly $1 billion of investments, and it anticipates a similar level of investment for this year.