Cortland Acquires 372-Unit Development Site At 415 Armour Drive For $71.3 Million

The asset involved in this transaction is a development site located at 415 Armour Drive Northeast in Atlanta, GA. The site was sold for $71,300,000 and consists of 372 units. The price per unit amounted to $191,667.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $71,300,000
• Buyer: Cortland
• Seller: CWS Capital Partners
• Units: 372
• Price Per Unit: $191,667

Cortland plans to rebrand the property as Cortland at Armour Yards following the acquisition. The complex will undergo renovations, and the one- and two-bedroom units post-renovation are expected to rent from $1,525 to $7,335.