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Charlotte Apartment Buyer to Revamp/Rebrand Following $104M Purchase
After spending $104 million on the Spectrum South End apartments in Charlotte, Cortland Partners is digging a little deeper to put together a “comprehensive value-add plan.” The Charlotte Business Journal reports Cortland will perform a full renovation of the apartment interiors, clubhouse space, courtyard and pools. As part of the program, Cortland plans to rename the project Cortland South End.
The company says it wants to reposition the property as a Class A product.
The 331-unit property, developed by Houston-based The Morgan Group, has studio, one- and two-bedroom apartments that range in price between $1,490 and $2,320. The property delivered in 2010.
The firm currently owns or operates 27 multifamily communities across North Carolina, including 14 in Charlotte.
