News
THANKS, STIMULUS
December 16, 2010
| Hardwood floors. New Energy Star appliances. New pool and clubhouse. Thanks to a little help from federal stimulus. |
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| Above is a rendering of what will eventually become of Harbour Oaks Apartments in Marietta, an 80-unit property off Crider Road recently acquired by Atlanta-based Cortland Partners. Now, with the assistance of North Carolina-based credit union Self-Help Venture Fund, which is using federal stimulus funds from the Neighborhood Stabilization Program, Cortland is moving forward in a $3.3M renovation. It snagged the then-delinquent note from JP Morgan/Chase in June and got the property deed-in-lieu by October. Cortland also recently purchased the 276-unit Woodhaven Apartments in DeKalb for an undisclosed sum. In another value-add move, the company plans a $7.7M renovation and upgrade on the property, and for good reason: While occupancy is a little more than 70%, nearly a quarter of the units are unrentable due to lack of upkeep, company officials tell us. Mutual of Omaha Bank and Grandbridge Real Estate Capital capitalized the project. |
