Cortland buys multifamily property in Atlanta

Cortland, a multifamily real estate investment firm, has added to its Atlanta portfolio of more than 11,000 apartment units with the recent purchase of Domain at Phipps, a 319-unit, class-A property adjacent to Cortland’s Atlanta headquarters.

Cortland will rebrand the community Cortland at Phipps Plaza. Phipps Plaza, which is within a short walk of the apartment complex, is a center owned and operated by Simon that includes retail, dining and entertainment. The mall is currently under redevelopment. When complete, the revamped Phipps Plaza will include a Nobu Hotel and Restaurant; a three-level Life Time athletic club; a new, 13-story, 350,000-square-foot class-A office building named One Phipps Plaza; a “pocket park” on Phipps Boulevard; and an outdoor event venue that will transform the district into a walkable, live-work-play environment.

Apartment demand in Buckhead continues to benefit from the neighborhood’s position as the premiere office market in Atlanta. The area has seen nine consecutive years of positive net absorption of office space. With the redevelopment of Phipps Plaza, the area is expected to add more than 1,000 new jobs within walking distance of Cortland at Phipps Plaza, which is currently more than 94 percent occupied.