Multifamily real estate investment firm Cortland has added to its Atlanta portfolio of more than 11,000 apartment units with the recent purchase of Domain at Phipps, a 319-unit, Class A property in Buckhead adjacent to Cortland’s Atlanta headquarters.
Cortland will rebrand the community Cortland at Phipps Plaza. Located at 707 Park Ave. NE, it is a short walk to Phipps. The mall is currently under redevelopment. When complete, the revamped Phipps will include a Nobu Hotel and Restaurant; a three-level Life Time Athletic club, a new, 13-story, 350,000-square-foot Class A office building named One Phipps Plaza; a pocket park on Phipps Boulevard and an outdoor event venue that will transform the district into a walkable, live-work-play environment.
“Atlanta is our hometown. We’re committed to growing and investing in our own backyard, in this case, literally, given the close proximity to our headquarters,” Cortland CEO Steven DeFrancis said in a news release. “Cortland at Phipps Plaza is a great opportunity for growth adjacent to one of the city’s premier entertainment, retail, and soon-to-be office destinations.”
Apartment demand in Buckhead continues to benefit from the neighborhood’s position as the premiere office market in Atlanta. The area has seen nine consecutive years of positive net absorption of office space. With the redevelopment of Phipps, the area is expected to add more than 1,000 new jobs within walking distance of Cortland at Phipps Plaza, which is currently more than 94 percent occupied.
“Renters are looking for apartment managers who care about their experience above all, and they’re leading the multifamily industry into the experience sector by doing so,” Cortland Chief Experience Officer Mike Gomes said in a news release. “The growing expectation for a much higher level of service from the place they choose to call home is what residents expect from managers like Cortland, who understand the stewardship and responsibility that comes with providing homes and excellent living experiences.”
An HFF team led by Senior Managing Director Jason Nettles and Senior Director Megan Thompson brokered the deal, which closed Jan. 31.