Harbert United States Real Estate Fund V Closes on East Lake Apartments
Harbert United States Real Estate Fund V, L.P. (“HUSREF”), in conjunction with Cortland Partners, has acquired East Lake Apartments, a 510-unit lakeside multi-family community in Marietta, Georgia. Cortland and HUSREF closed on the garden-style apartment community Feb. 1 and will invest $9.2 million upgrading the property. The property, which is located in affluent East Cobb, will be rebranded Watermark at East Cobb and undergo a comprehensive renovation to modernize interior finishes, resident amenities and the exterior of the property.
After more than 30 multifamily acquisitions and renovations throughout the Southeast over the last three years, Cortland will execute the property renovations directly, a move that has been in the planning stages for several months. This new initiative will effectively manage schedules and costs associated with upgrading properties and will become a growing part of the Cortland Partners platform.
This will be the second joint venture with Cortland following the successful renovation of Park 83, a 664-unit apartment community in Roswell, Ga., which was acquired by Harbert United States Real Estate Fund IV in April of 2012.
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