Cortland Announces $650M Final Close for Its Fifth Value-Add Focused Fund

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May 25, 2021, 09:00 ET

ATLANTA, May 25, 2021 /PRNewswire/ -- Cortland has closed on the Cortland Enhanced Value Fund V, L.P. and its affiliated entities ("Fund V"), meeting its hard cap and raising $650 million in commitments.

Fund V was oversubscribed with support from legacy investors, combined with significant interest from new and existing institutional investors.

"As with our earlier funds, Fund V seeks to capitalize on Cortland's market scale and concentration in target growth markets, primarily in the U.S. Southeast and Southwest, and leverage Cortland's vertically-integrated operating platform in pursuit of superior operating results," said Ned Stiker, Cortland Senior Managing Partner, Investments and Capital Markets.

Fund V represents the fifth in Cortland's series of closed-end funds, which target primarily value-add multifamily assets in high-growth markets across the U.S., particularly in the Sunbelt region.

"We believe the successful raise of Fund V underscores institutional capital's strengthening demand for multifamily real estate and confidence in Cortland's renovation expertise developed through the completion of more than 44,000 apartment home renovations," said Steven DeFrancis, Cortland CEO. "We are grateful for the trust our investment partners have placed in us and look forward to the opportunity to continue to deliver positive results for them."

About Cortland:
Cortland is a vertically integrated multifamily real estate investment, development, and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, nearly 200 apartment communities comprised of more than 65,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland operates a management and development platform in the UK. To learn more about Cortland, please visit cortland.com.

This press release may contain forward-looking statements. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. You are cautioned not to unduly rely on these forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this release may be relied upon as a guarantee, promise, assurance or a representation as to the future. These forward-looking statements have not been reviewed by anyone outside of Cortland, and while Cortland believes these statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Unless required by law, Cortland undertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events. Cortland's past and current performance are not indicative of future results, and no representation is made that any Cortland investment will achieve its objectives or that any Cortland strategy will be successful. This press release is not personalized investment advice or an investment recommendation from Cortland.

SOURCE Cortland