Cortland and Madison International Realty Close on 50-Storey Build-to-Rent Apartment Tower Development in Manchester City Centre | MultifamilyBiz.com (2023)

MultifamilyBiz Logo

× news blogs webcasts the buzz events marketplace about contact Rss feed Login Register

  • news
  • blogs
  • webcasts
  • the buzz
  • events
  • marketplace

January 10, 2022

Facebook LinkedIn Twitter

ATLANTA, GA - Cortland, a multifamily real estate investment, development, and management company, together with Madison International Realty as funding partner, announced a deal to buy a 50-storey tower Build-to-Rent (“BTR”) property currently under development in Salford (Manchester City Centre), UK from Renaker.

Contracts were exchanged on 1 December on the tower, which is part of the Greengate “Colliers Yard” Masterplan.

Cortland at Colliers Yard will offer 559 one- and two-bedroom apartments with more than 25,000 square feet of amenity space, is already at level 23, and is expected to complete early in 2024.

The glass clad tower has a three-storey brick podium level which will create a neighbourhood at street level and will include shops, restaurants, and bars. The scheme will also include the creation of a public park for the benefit of the wider neighbourhood.

(Video) 10 Places in VIRGINIA You Should NEVER Move To

“Following a smooth and easy transaction with Cortland, we are excited to welcome them to Colliers Yard and the developing Greengate community of Salford. This is an important and exciting further step in the regeneration of the wider Greengate masterplan to deliver an aspirational and new neighborhood to Salford and Manchester City Centre. We can’t wait to see Cortland at Colliers Yard come to life,” said Daren Whitaker, Managing Director of Renaker.

Alex Lukesch, Managing Director at Madison International Realty – Cortland’s partner in Cortland at Colliers Yard – said, “We believe the UK residential rental market is supported by several strong tailwinds including a significant supply/demand imbalance and rising house prices. While there has been substantial investment in London, we think there are exciting opportunities across the country’s major cities where the same supportive dynamics are at play, which are also seeing strong investment activity. We look forward to working with Cortland to bring forward this high quality build to rent venture in Manchester as we work together to expand their platform.”

“We are thrilled to be entering Manchester market with Cortland at Colliers Yard,” said Owain Thomas, Senior Director – Europe at Cortland. “We look forward to working with Renaker to realise a truly exceptional BTR asset in a key location, offering unmatched customer service and an unparalleled level of private amenity for our residents. This is a great example of Cortland working with our partners to deliver our vision of bringing Cortland’s resident-first rental living experience to the UK.”

With this deal, Cortland has closed on almost 1,000 units in Q4 2021 alone and is looking forward to an even more robust 2022. Cortland has an attractive pipeline of BTR projects across the UK that is focused on high-quality assets with market-leading service, outstanding amenities, and high-end interiors. Along with Harrison Street, Cortland recently announced the development of Cortland Broad Street, a 440-unit Build-to-Rent property in Birmingham following its maiden investment in the UK, the 367-unit BTR community in Watford, Cortland Cassiobury.

Cortland houses an international development office in London and a property management office in Leeds. In September, Cortland announced the acquisition of Qdime Group, a UK-based, market-leading residential property management service business with more than 30,000 units under management. The investment confirms Cortland in the top ten largest block management providers in the UK.

For Renaker, Manchester’s leading real estate developer with a reputation for their in-house design and build capability and quality of delivery, this deal follows several others across their large portfolio. Supported by The Greater Manchester Housing Fund and the Manchester Pension Fund, Renaker are progressing at pace the delivery of multiple developments, including developments for open market sale, across three exciting new Manchester City Centre neighborhoods - Colliers Yard Greengate, Great Jackson Street, and Trinity Islands Manchester.

About Cortland: Cortland is a vertically integrated, multifamily real estate investment, development and management company focused on delivering resident-centric, hospitality-driven apartment living experiences. Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 200 apartment communities comprised of more than 70,000 homes in the U.S. with regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Tampa. Cortland has significant experience in acquiring, developing, renovating, owning and operating multifamily communities, leveraging the services of its construction, design, and property, asset and investment management affiliates. Internationally, Cortland maintains a management and development platform in the UK. Cortland is a National Multifamily Housing Council (NMHC) Top 50 Owner and Manager, the Top Brand Performer for online reputation in 2021 (Reputation Score by reputation.com), and is a Great Place to Work-Certified™ Company (2021). For more information, please visit cortland.com

About Madison International Realty: Madison International Realty is a leading liquidity provider to real estate investors worldwide. Madison provides equity capital for real estate owners and investors seeking to monetize embedded equity, to replace capital partners seeking an exit and to recapitalize balance sheets. The firm provides equity for recapitalizations, partner buyouts and capital infusions; and acquires joint venture, limited partner and co-investment interests as principals. Madison invests in secondary transactions and focuses on existing properties and portfolios in the U.S., U.K., and Europe. Madison has offices in New York, London, Amsterdam, Luxembourg and Frankfurt, where the firm operates under the name of Madison International Realty GmbH.

The foregoing press release is for informational purposes only. Nothing contained herein is to be construed as a solicitation to offer investment advice or services, nor a solicitation for the purchase or sale of any security. Information about investing in a Cortland fund is only available in the form of private placement memoranda and other offering documents which contain information to help investors evaluate Cortland funds’ investment objectives, risks, fees and expenses, among other factors, before considering an investment.

This press release may contain forward-looking statements. The opinions, forecasts, projections or other statements, other than statements of historical fact, are forward-looking statements. You are cautioned not to unduly rely on these forward-looking statements. Due to various risks and uncertainties, actual events or results or the actual performance may differ materially from those reflected or contemplated in such forward-looking statements. Nothing contained in this presentation may be relied upon as a guarantee, promise, assurance or a representation as to the future. These forward-looking statements have not been reviewed by anyone outside of Cortland, and while Cortland believes these statements are reasonable, they do involve a number of assumptions, risks and uncertainties. Unless required by law,Cortlandundertakes no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this press release or to report the occurrence of unanticipated events. Cortland’s past and current performance are not indicative of future results, and no representation is made that any Cortland investment will achieve its objectives or that any Cortland strategy will be successful. This press release is not personalized investment advice or an investment recommendation from Cortland.

TRENDING

Multifamily Innovation Summit Announces Addition of PropTech Entrepreneur Kerry W. Kirby to Its Speaker Lineup in Phoenix PHOENIX, AZ - 365 Connect, the leading provider of award-winning marketing, leasing, and resident service platforms for the multifamily housing industry, announced today that the company’s CEO, Kerry W. Kirby, will speak at the Multifamily Innovation Summit. The event, catering exclusively to...

Latest News

Hamilton Zanze Expands Arizona Footprint with Acquisition of 248-Unit Crestone at Shadow Mountain Apartment Community in Phoenix
Vista Residential Partners Announces Groundbreaking on 300-Unit Riverchase Vista Apartment Community in Savannah, Georgia
Century Living Announces Groundbreaking on 300-Unit Apartment Development Inside The Compark Business Campus in Parker, Colorado
Toll Brothers Apartment Living and Equity Residential Celebrate the Groundbreaking of Three Luxury Rental Communities in Texas

Get The Newsletter

Cortland and Madison International Realty Close on 50-Storey Build-to-Rent Apartment Tower Development in Manchester City Centre | MultifamilyBiz.com (10)

The latest multifamily industry news
delivered to your inbox

More Stories

PHOENIX, AZ - San Francisco-based real estate investment firm Hamilton Zanze is excited to announce...
SAVANNAH, GA - Vista Residential Partners, a national multifamily development firm, has broken...
GREENWOOD VILLAGE, CO - Century Communities, a top 10 national homebuilder and industry leader in...
DALLAS, TX - Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, the nation...
CHARLOTTE, NC - Embrey has closed on the land purchase for Finley, a 343-unit multifamily community...
PHOENIX, AZ - Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers, Inc, the...
BOSTON, MA - Quarterra Multifamily, a subsidiary of Lennar Corporation and a vertically integrated...
JACKSONVILLE, FL - Madison Communities, an affiliate of Madison Capital Group, has recently broken...
Cortland and Madison International Realty Close on 50-Storey Build-to-Rent Apartment Tower Development in Manchester City Centre | MultifamilyBiz.com (12)

Get The Newsletter

Cortland and Madison International Realty Close on 50-Storey Build-to-Rent Apartment Tower Development in Manchester City Centre | MultifamilyBiz.com (13)

The latest multifamily industry news delivered to your inbox.

Top Articles
Latest Posts
Article information

Author: Trent Wehner

Last Updated: 12/29/2022

Views: 5868

Rating: 4.6 / 5 (76 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Trent Wehner

Birthday: 1993-03-14

Address: 872 Kevin Squares, New Codyville, AK 01785-0416

Phone: +18698800304764

Job: Senior Farming Developer

Hobby: Paintball, Calligraphy, Hunting, Flying disc, Lapidary, Rafting, Inline skating

Introduction: My name is Trent Wehner, I am a talented, brainy, zealous, light, funny, gleaming, attractive person who loves writing and wants to share my knowledge and understanding with you.