Atlanta company buys Deerwood Village apartments for $34 million - News - Ocala.com

Tenants can expect renovations — as well as increased rents.

By Richard AnguianoBusiness editor

An Atlanta real estate investment and management company has bought Deerwood Village apartments for $34.15 million and tenants can expect renovations — as well as increased rents.

Cortland Partners had been interested in the complex because of the company’s “regional footprint” with properties in Jacksonville, Gainesville, Orlando and Clermont, according to John Builder III, the company’s director of investments in Florida.

“The ‘big-house’ design is a market differentiator that Cortland was interested in and after completing due diligence in Ocala, we discovered a lot to like about the market as a whole,” Builder wrote in an e-mail, adding that company officials were sold on the area’s “great job drivers” and low cost of living.

Deerwood Villages is a 328-unit complex built in 2006 on 40 acres at 1850 SE 18th Ave. and features garden-style, or what the company calls “big-house” apartments

Builder said Cortland Partners intends to make renovations including: rehabbed interiors with new cabinets, granite counter tops, tile backsplash, upgraded lighting and fixtures and “wood-look vinyl plank flooring” on the ground floors.

“Additionally, the clubhouse, amenities and landscaping will all get significant upgrades/updates,” Builder said.

The renovations will result in the raising of rents, he added. The current rent range listed on the Deerwood Village website -- http://www.deerwoodvillageapts.com/ -- is $776 to $1,366. The site shows floor plans from 499 to 1,499 square feet.

Cortland Partners began as “a small development firm” in 2005, Builder said, adding the company owns more than 30,000 apartment homes in eight states. He added the company is targeting Texas and Florida, along with “other Atlantic markets” for growth.

“Cortland will continue to be in acquisition mode for the near term,” Builder said. “Compelling debt structures, strong regional economies, demographic trends and job growth are all part of the larger story for Cortland’s acquisition rationale.”

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