Atlanta-based Cortland announced a portfolio acquisition from Elme Communities (NYSE: ELME). The $1.6 billion transaction consisted of 19 multifamily properties encompassing nearly 6,000 units. 

The acquisition grows Cortland’s footprint in Washington, D.C., Northern Virginia and Atlanta.

Cortland plans to renovate the properties by modernizing unit interiors, upgrading amenities.

The portfolio sale marks the first step in Elme’s plan to sell and liquidate the company. The winding down of the company also includes the Company’s nine remaining multifamily assets and Watergate 600.

Cortland’s acquisition follows several years of growth focused on increasing its market presence in the DC Metro Area and the company’s home state of Georgia. In addition, the firm became the largest apartment owner in the Dallas area after its $1.2 billion acquisition of Canadian-based Pure Multifamily REIT in 2019. 

Attend Connect Southeast Multifamily on December 4^th in Key Biscayne when the market experts share the playbook for where capital is moving next, and how the region’s power players are positioning themselves to stay ahead of the national curve. Be there to explore the opportunities, challenges, trends, and the future outlook for the multifamily landscape throughout Florida and the Southeast. www.ConnectSEMF2025.com