Atlanta’s Cortland Partners buys apts in Altamonte Springs, plans $12 M reno
By Mike Salinero
Aug 29, 2016 at 4:20 PM
Atlanta-based Cortland Partners continues to expand its presence in Florida's multifamily market with an Aug. 25 purchase of the 578-unit former Camden Renaissance in Altamonte Springs.
Cortland paid $78.9 million to Camden Operating LP of Houston, a subsidiary of Camden Property Trust (NYSE-CPT), an independent real estate investment trust.
Mike Altman, Cortland's chief investment officer, told GrowthSpotter the company plans $12 million in renovations to the 23-building complex at 631 Lotus Landing Blvd. All the buildings were constructed in 1996-98.
The new owners renamed the apartments Allora at Lake Lotus, and will manage the property.
"We always partner with local craftsmen, and are seeking firms that are skilled in swimming pool, exterior and interior construction," Altman said in an e-mailed response to questions.
Cortland has chosen the Orlando area as a primary target for growth. In 2013, the company opened an office in Winter Park based on a partnership with John Builder, now Cortland's director of investments for the state. Builder, an Orlando native, has more than 15 years of experience in real estate acquisition, portfolio management, joint ventures and development, according to the company.
"Our office, on Park Avenue, is a complete subsidiary of our headquarters, including investments, operations, interior design-architecture, construction, accounting and marketing," said Altman. "This team does an incredible job creating value for a better life throughout the major Florida markets. Orlando remains one of Cortland's primary markets for growth."
Cortland acquired its first asset in the metro Orlando market in 2014 with the purchase of Harbor at Lake Howell, a 408-unit, garden-style community in Casselberry for $40 million.
Since then, the company has purchased Barrington at Mirror Lake in Apopka and Vista at Lost Lakes in Clermont.
Cortland now owns and operates 7,000 units in its Florida markets, which include metro Tampa, Jacksonville, Gainesville and Ocala.
Camden officials could not be reached for comment.
As of July 31, Camden owned and operated 154 communities with 54,214 units across the United States. Upon completion of seven properties under development, the company's portfolio will increase to 56,691 apartments in 161 properties, eight of which are in Greater Orlando.