FBI Searches Office Of Apartment Developer Cortland In Connection With Antitrust Probe
National apartment developer Cortland Management’s Atlanta office was searched by the FBI under a limited search warrant, a representative for Cortland confirmed to Bisnow.
The FBI separately confirmed the search, but could not comment any further.
The warrant was connected to an investigation by the Department of Justice into potential antitrust violations in the multifamily housing industry, according to a statement from Cortland.
“We are cooperating fully with that investigation, and we understand that neither Cortland nor any of our employees are ‘targets’ of that investigation,” the statement says. “Due to the ongoing litigation, we cannot comment further at this time.”
The raid took place May 22, according to MLex, which first reported the news.
The FBI’s Atlanta field office didn't immediately respond to a request for comment Monday.
The DOJ is investigating multifamily software company RealPage and some large property owners in connection with allegations of price-fixing. The DOJ in March expanded the probe, opening a criminal investigation in addition to the civil proceedings.
Cortland builds and manages apartment projects in most major markets across the U.S., with a nearly $21B portfolio as of September, according to its website.
UPDATE: JUNE 5, 3:57 p.m. ET: This story has been updated with additional confirmation from the FBI.
