LaSalle Investment Management is putting its faith into the multifamily space. The Chicago-based firm has made a $250 million co-investment into a 19-property portfolio in three regions on the East Coast.
Cortland has owned the portfolio since November 2025, when it paid $1.6 billion for the assets. LaSalle will now get roughly 34 percent equity control in the properties. Also, Cortland's Enhanced Value Fund VI, LLC has made an investment in the assets as well.
The deal applies to almost 6,000 apartments that are located in Northern Virginia, Washington D.C. and the Atlanta metro area.
LaSalle's investment will support the renovations, while Cortland will manage and operate the portfolio.
The move from LaSalle aligns with its value-add strategy, which focuses on active management and capital investments to enhance asset performance and drive long-term value.
"This investment reflects our conviction in multifamily fundamentals and the opportunity to create value through active asset management," Stuart Sziklas, portfolio manager at LaSalle, said in a statement.
"Partnering with an experienced manager like Cortland allows us to invest at scale in a high-quality portfolio and support a business plan focused on thoughtful repositioning, operational execution, and long-term income growth."
Currently, LaSalle's global residential footprint shows six properties. Across all asset types, it manages more than 1,500 properties.
The past couple of years have presented a challenge for the multifamily space, as an influx of supply comes online. Since most deliveries are concentrated in upscale luxury properties, this is giving mid-tier assets an advantage, as Grant Montgomery, national multifamily director at CoStar, recently pointed out to GlobeSt. Mid-priced, three-star properties posted rent gains of 0.5 percent in the fourth quarter, outpacing the broader market's roughly 0.3 percent growth.
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