Cortland Partners to acquire a 19-asset portfolio from Elme for $1.6bn.

Cortland Partners, an investor, agreed to acquire a 19-asset portfolio from Elme, a value-oriented multifamily owner and operator, for $1.6bn. “Elme has made deliberate strategic decisions to advance and refine our portfolio with the goal of maximizing shareholder value. Following a thorough Board-led process, and despite our successful transformation into a focused multifamily platform with strong operating capabilities, market conditions have not allowed us to lower our cost of capital in a way that supports accretive growth. We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale. We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams, and continuing our legacy of customer service excellence," Paul McDermott, Elme President and Chief Executive Officer.