Cortland Snags $339M Property Portfolio Out Of Receivership

Law360, New York (February 12, 2014, 8:28 PM EST) -- Cortland Partners LLC has agreed to buy a portfolio of multifamily properties in several states for $338.5 million from the court-appointed receiver operating the buildings after the U.S. Securities and Exchange Commission took control of their owner in 2011 Ponzi scheme bust.

Cortland agreed to acquire 5,464 apartment units in 28 different communities that formerly belonged to Management Solutions Inc. in connection with the deal, which was three years in the making and is still awaiting the approval of a Utah judge. It is expected to...
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