backKing & Spalding advised Cortland Partners as it entered into a definitive transaction agreement with Elme Communities (NYSE: ELME), pursuant to which Cortland will acquire a 19-asset portfolio of multifamily real estate properties from Elme for $1.6 billion in cash.
The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions, including the receipt of approval from Elme’s shareholders. The 19-asset portfolio includes properties located in the greater Washington, D.C. and Atlanta areas.
Cortland is one of the largest multifamily investment, development and management firms in the U.S., with approximately $20 billion in gross real estate value. Founded in 2005, Cortland leverages proprietary design and build supply chains with in-house construction and property management services to unlock value in high-growth U.S. markets. Headquartered in Atlanta, GA, Cortland owns and manages over 240 assets, with approximately 78,000 multifamily units in 26 markets across the U.S.