Cortland expands Treasure Valley presence with 605-unit acquisition

IBR Staff//June 17, 2022//

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Cortland has announced its acquisition of two additional properties in Idaho, both in Treasure Valley. The additions bring the firm’s total to nearly 1,000 units in the area.

“The addition of these communities to the Cortland family allows us to operate at scale in the market and offer unmatched service to our residents,” Mike Altman, chief investment officer at Cortland, said in a statement.

The Addison in Boise, to be named Cortland on the River. 2021 Sightline Photography. Submitted photo

The new acquisitions include The Addison, a Boise community of 237 apartment homes, to be renamed Cortland on the River, the announcement stated, and Franklin at Ten Mile, with 368 apartment homes in Meridian, now to be known as Cortland at Ten Mile. Cortland purchased Cortland South Meridian, formerly known as Indigo, in February last year. This purchase was Cortland’s entry into the Treasure Valley market. The 336-unit apartment community is on 19.5 acres just off of Overland Road near the Ten Mile Road interchange off of Interstate 84.

Cortland, based out of Atlanta, Georgia, describes itself as a vertically integrated, multifamily real estate investment, development and management company.

“Cortland’s luxury apartment communities offer the best of city living near the heart of Boise,” Altman said in a statement. “This is just the start of Cortland’s investment in the region, driven by our commitment to deliver an unrivaled resident-centric, hospitality-driven experience that is changing the standard of apartment living in Boise.”

Cortland on the River is described as an oasis in the city, located just steps from the Greenbelt and the Boise River and minutes from Table Rock trail, the foothills and Downtown Boise. The premiere community features studio, one- and two-bedroom apartment homes with large windows, upscale kitchens, hardwood style flooring, walk-in showers and sound dampening technology. Amenities include a riverside pool and spa, private boardwalks with gas fire pits, indoor garage parking, a two-story 24-hour fitness center and a collaboration room.

Cortland at Ten Mile offers one- two- and three-bedroom apartment homes with assigned carports and townhouse-style carriage homes with attached garages. All homes feature plank flooring and kitchens with light and bright quartz countertops and stainless-steel appliances. Amenities include a pool and spa with an outdoor fireplace lounge, wading pool and park for kids, a 24-hour fitness center and a large leash-free bark park.

Franklin at Ten Mile, to be named Cortland at Ten Mile. Submitted photo

When asked what is planned to happen next for these properties following the acquisitions, Michael Kolshak, executive vice president of investments for Cortland, stated in an email: “All three assets we purchased were constructed within the last five years and are in overall excellent condition. We are focused on maintaining the assets at a very high level and providing a market leading resident experience, for all current and new residents. Moderate exterior enhancements are planned that will help residents take advantage of the nice weather this time of year and socialize with each other throughout the communities.”

“Our capabilities will allow us to continue to show our passion and dedication to providing excellent service that goes above and beyond traditional apartment living,” said Jonathan Tucker, executive vice president of operations and facilities at Cortland, said in a statement. “We believe Cortland’s commitment to the market will shine through the positive impact we make on the community and our residents.”