Cortland Partners buys apartments for $78M

TAMPA — Cortland Partners purchased two waterfront apartment complexes and vacant land from UDR Inc. for $78.43 million.

The Atlanta-based multifamily company purchased the 400-unit Island Walk apartments for $50 million and 277 of the 320 condominium units in the Gallery at Bayport II for $28.43 million.

The total price equates to $115,852 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.