The Atlanta Braves’ commercial real estate division has completed a trade months in the making, selling its three apartment complexes within The Battery Atlanta mixed-use development to Atlanta-based Cortland.
Cortland, a multifamily investment and management firm, announced Wednesday it had acquired for $156 million the 531-unit “Home at The Battery Atlanta” from Pollack Shores Real Estate Group and Braves Development Company. The acquisition of the one-, two- and three-bedroom apartment units totaling more than 485,000 square feet adds to Cortland’s Atlanta portfolio of more than 10,000 apartment homes.
The apartments — which span across three “communities” known as The Residences, The Flats and Parkside — opened last year within the Battery. More than 92 percent of the apartments are leased, according to Cortland.
The three-building property at 900 Battery Avenue SE in Cumberland will now be known as Cortland at the Battery Atlanta. Commercial real estate firm Walker & Dunlop’s Atlanta office brokered the deal, which closed Tuesday.
“The Atlanta Braves are one of the city’s most beloved and iconic institutions,” Cortland CEO Steven DeFrancis said in Wednesday’s release. “With this acquisition, we’re able to bring the Cortland living experience to the home of the Braves, and join a roster alongside some of Atlanta’s biggest brands.”
When the Braves had offered the complexes for sale starting in April, Pollack Shores said it was anticipating a sales price upwards of $170 million, or more than $320,000 per apartment unit. The actual sales price equates to nearly $294,000 per unit.
Mike Plant, president and CEO of the Braves Development Company, said in April that residents would not see any change in their environment once the sale occurs.
“We are pleased to add Cortland to The Battery Atlanta with their strong market leadership,” Plant said in Wednesday’s release. “This is an exciting next step in our master-planned development process by selling our residential component, Home at The Battery Atlanta, to Cortland, who will carry on the one-of-a-kind living experience we have created. The overwhelming success and popularity of Home at The Battery Atlanta has created significant demand in the market, and we are excited to focus on delivering the next dynamic phase.”