ATLANTA—Cortland Partners has been spreadingits multifamily wings in recent years, but themultifamily owner and manager is showing it isstill committed to its hometown with its latest grab. Cortland justacquired Pointe at Lenox Park for $24.9 million.

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Located in the Druid Hills area of Atlanta, Pointe at Lenox Parkhas 271 multifamily units. Cortland acquired thegarden-style community from a private owner. It was built in1988.

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“The city's job growth and the restrained amount of newconstruction in the area are strong indications that themultifamily sector in Atlanta will continue to strengthen in themonths and years ahead,” Steven DeFrancis, CEO ofCortland, tells GlobeSt.com. “We are confident that The Pointe atLenox Park will perform strongly, as it fits perfectly in ourexisting Atlanta portfolio and our team's value-add execution.”

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

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Cortland focuses on value-add acquisitions and developmentopportunities that produced out-sized, risk-adjusted returns forinvestors. Pointe at Lenox Park offers one- and two-bedroomapartments. Amenities include a business center, clubhouse, fitnessfacility, wood-burning fireplaces, and private balconies. Cortlandis planning “extensive” renovations on apartments and updates tothe common-area amenities.

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In 2013, Cortland invested $250 million in equity capital intonearly $1 billion of investments. The company anticipates a similarlevel of investment in 2014.

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