ATLANTA—Cortland Partners has been spreading its multifamily wings in recent years, but the multifamily owner and manager is showing it is still committed to its hometown with its latest grab. Cortland just acquired Pointe at Lenox Park for $24.9 million.

Located in the Druid Hills area of Atlanta, Pointe at Lenox Park has 271 multifamily units. Cortland acquired the garden-style community from a private owner. It was built in 1988.

“The city's job growth and the restrained amount of new construction in the area are strong indications that the multifamily sector in Atlanta will continue to strengthen in the months and years ahead,” Steven DeFrancis, CEO of Cortland, tells GlobeSt.com. “We are confident that The Pointe at Lenox Park will perform strongly, as it fits perfectly in our existing Atlanta portfolio and our team's value-add execution.”

Cortland's owned portfolio has swelled to nearly 19,000 multifamily units, primarily in the Southeast and Texas, since the start of the economic downturn. Pulling back the lens, it's easy to see how Pointe at Lenox Park fits into Cortland's multifamily acquisition strategy.

Cortland focuses on value-add acquisitions and development opportunities that produced out-sized, risk-adjusted returns for investors. Pointe at Lenox Park offers one- and two-bedroom apartments. Amenities include a business center, clubhouse, fitness facility, wood-burning fireplaces, and private balconies. Cortland is planning “extensive” renovations on apartments and updates to the common-area amenities.

In 2013, Cortland invested $250 million in equity capital into nearly $1 billion of investments. The company anticipates a similar level of investment in 2014.