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Property Management Index / Managers

Cortland.
Property manager.

Atlanta, GA · Founded 2005 · cortland.com
Show properties in
Changes property counts, units, ratings and maps. Company facts like people, legal events and fees are firm-wide.
Investor snapshotThe questions to ask before you hireSources ↓
Can you hire them for your building?
Yes
Manages for outside owners and its own portfolio[10][21][22]
How big are they?
81,979 units
#17 on NMHC's 2026 Top 50 Managers[96] · we count 4,907+ units in 190+ properties · our count
What do residents say?
4.2 on Google
7,313 reviews · 2025: 3.9 → 2026: 3.9 · rising: poor communication
Legal or regulatory trouble lately?
4 events since 2023
regulatory, lawsuit · details
What does management cost?
A percentage of each property's monthly gross cash receipts; the rate is set in each fund's governing documents and is not public
Affiliate property management fee (Cortland-sponsored funds)[57]
Who runs DFW locally?
Kerry Crowley
Managing Director, TX (Dallas and Fort Worth) · team
Growing or shrinking?
growing
55,000 units (2019) → 80,000 (2026)[13][10]
Who owns the firm?
Founder-owned
Parent: Cortland Holdings, LLC, a privately held holding company managed by founder Steven DeFrancis. It is the sole member of the firm's SEC-registered adviser, Cortland Investment Management. Its members are The Kenjack Trust (majority) and CIOPS Consolidated Holdings, LLC (large minority), also managed by DeFrancis. No outside institutional owner is listed.[94]

Dots are a quick visual read of the facts next to them, not a grade. DFW numbers are our own count from county records, HUD and firms' own sites.

Years in business
21[9]
Employees
2,318[35]
Units nationally
81,979 (NMHC #17, 2026)[96]
Assets under management
$19.4 billion gross real estate value across Cortland-managed vehicles (appraised, before debt); down from $20.9 billion (Sep 2023) and $20.3 billion (Jan 2025)[35][36][37]
Property typesmultifamilybuild-to-rent (UK)[10][21]
Specialtiesvalue-add repositioningvertically integrated investment, development, construction and managementUK build-to-rent operation and consulting[10][21]
MarketsAtlanta, GADallas-Fort Worth, TX · since 2013Houston, TXCharlotte, NCDenver, COOrlando, FLPhoenix, AZWashington, DC / Northern Virginia · since 2025London, UK · since 2018Austin, TXSan Antonio, TXNashville, TNRaleigh-Durham, NCTampa-St. Petersburg, FLSouth FloridaTucson, AZBoise, IDColumbus, OHColorado Springs, COBirmingham, AL[10][20][13][21][22][34]
01Overview

Cortland is an Atlanta-based multifamily investor, developer and property manager founded in 2005 by Steven DeFrancis. It describes itself as vertically integrated, with affiliates for construction, design, property management, asset management and investment management. Its US portfolio is concentrated in Sun Belt and Mountain West metros, and it also runs a UK build-to-rent business.

02What sets them apart

Against the industry average.

How Cortland compares with the other large DFW managers on each measure we track.

  • ▲Better than 90% of peers on Google rating (4.2 vs 3.9 average)
  • ▼Behind 86% of peers on legal events, 3 years (4 vs 2 average)
other firms average this firm, by rank: top third middle bottomThis firmRank
DFW unitsneither better nor worse4,907avg 6,306#14 of 30
Class A shareneither better nor worse63%avg 51%#12 of 30
Google rating↑ higher is betterworsebetter4.2avg 3.9#1 of 30
Rating change, last year↑ higher is betterworsebetter+0.00avg +0.11#18 of 30
Unit growth a year↑ higher is betterworsebetter+3%avg +7%#10 of 16
Legal events, 3 years↓ lower is betterbetterworse4avg 2#26 of 30
Industry awards, 3 years↑ higher is betterworsebetter2avg 3#16 of 30

Compared with the 30 largest DFW managers. Rank 1 is the best where higher or lower is better, else the largest. DFW units use a log scale.

03Portfolio

What they run. In 20 metro areas.

Size, building class, age and location of the properties we can tie to this firm. Compare with the kind of asset you own.

Properties
190+
found so farpartial
Units
4,907+
plus 174 properties with no unit count yetpartial
Building area, sq ft
5.6M
county recordspartial
Median year built
2007
county recordspartial
Different owners
16
owners across the 16 of 190 properties with a county owner recordpartial

Building class (public record class rating, 8 of 190 properties rated)partial

A · 5B · 3
Class AClass BClass CNot ratedSize = units

Units by ZIP code

75063654 · 4 prop.
75035633 · 2 prop.
75025548 · 1 prop.
75204493 · 2 prop.
75002445 · 1 prop.
75034395 · 4 prop.
75244333 · 1 prop.
75024302 · 2 prop.

Units by decade built

1990s1,438
2000s1,515
2010s1,954

Largest properties

PropertyAddressUnitsBuiltClassCheck it
CORTLAND NORTH PLANO APARTMENTS9601 CUSTER RD, 750255481998County recordGoogleFirm siteWebsite
CORTLAND ALLEN STATION1400 ANDREWS PKWY, 750024452018County recordGoogleFirm siteWebsite
CORTLAND MACARTHUR7904 NORTH GLEN DR, 750634441999B+County recordGoogleFirm siteWebsite
CORTLAND LEGACY APTS %5275 TOWN AND COUNTRY BLVD, 750343952013County recordGoogleFirm siteWebsite
CORTLAND PRESTON NORTH9440 STRATTON DR, 750353502016County recordGoogleFirm siteWebsite
CORTLAND GALLERIA5005 GALLERIA DR, 752443332006B+County recordGoogleFirm siteWebsite
CORTLAND WEST PLANO APARTMENTS8100 MEMORIAL LN, 750243022007County recordGoogleFirm siteWebsite
CORTLAND AT TWIN CREEKS APARTMENTS505 BENTON DR, 750132882001County recordGoogleFirm siteWebsite

Our count from public property records, HUD and the firm's own site; a listing alone never counts.

Cortland's US communities are mostly garden and mid-rise apartments bought for value-add repositioning, plus some high-rise assets. In Dallas-Fort Worth, its properties include Cortland Galleria, Cortland Addison Circle, Cortland at Stonebriar, Cortland West Plano, Cortland MacArthur, Cortland Farmers Market and the tower at 1900 McKinney Ave. Unit counts and the building list are shown from our data.

Affordable housing is a small part of the portfolio. A few market-rate communities carry income-restricted units: workforce housing programs at Cortland Delray Station, Cortland Deerfield Station and Cortland Hollywood in South Florida, where residents prove their income and recertify at each renewal, and Arlington County Committed Affordable units at Cortland on Pike in Virginia. We found no LIHTC portfolio or affordable housing division, and HUD's list of assisted multifamily properties names no Cortland-managed property.

04Resident experience

How residents rate their buildings.

Resident ratings drive leasing and renewals. Look at the trend and at which problems are rising, not only the average.

Average Google rating
4.2
weighted by review count
Google reviews
7,313
across 17 properties

Properties by Google rating

4.5+2
4-4.514
3.5-40
3-3.50
under 31

Resident reviews over time

Our read of public resident feedback on 12 of its DFW properties, 2017-03 to 2026-09. Years with little feedback are left out, and earlier years rest on fewer properties. No resident comments are shown.

123452020: average rating 3.4, sentiment +0.23 (from -1 to +1)20202021: average rating 4.7, sentiment +0.59 (from -1 to +1)20212022: average rating 4.3, sentiment +0.71 (from -1 to +1)20222023: average rating 4.4, sentiment +0.71 (from -1 to +1)20232024: average rating 4.4, sentiment +0.68 (from -1 to +1)20242025: average rating 3.9, sentiment +0.42 (from -1 to +1)20252026: average rating 3.9, sentiment +0.42 (from -1 to +1)2026

━ average rating · ╌ sentiment · higher is better for both

What residents complain about lower is better

How often residents raise each problem, our assessment: before the last 12 months and in the last 12 months. Fewer is better. Shown only when enough residents raise it.

ProblemBeforeLast 12 monthsChange
Poor communication12%18%↑ 6 pts more
Maintenance delays6%10%↑ 4 pts morecould be chance
Rude staff6%8%↑ 2 pts morecould be chance
Staff unresponsive4%6%↑ 2 pts morecould be chance

Other review sites, our read

BBBNegative

Not accredited; 188 complaints closed in three years, with dozens left unanswered, high for a landlord even of this size[3][4]

Our assessment · Sep 2026View profile ↗
ApartmentRatingsMixed

No company page; DFW properties used: Cortland North Dallas holds about 460 reviews and McKinney about 120, middling, staff and safety weaker[5][6]

Our assessment · Sep 2026View profile ↗
YelpToo few reviews

No company page; DFW listings used: Cortland West Village has only a handful of reviews, North Dallas about 30 on a listing marked closed[7][8]

Our assessment · Sep 2026View profile ↗

Our assessment of each site's record, not the site's own score, which we don't reproduce. Follow the link for the profile.

Employee reviews on Glassdoor and Indeed are mixed in our assessment: praise for benefits and internal promotion sits alongside complaints about workload and turnover at the site level. Cortland reported holding a 2025 Great Place to Work Certification.

Grace Hill's Kingsley Excellence Awards, based on resident surveys, placed Cortland among the top five managers with over 30,000 units for resident satisfaction in 2024, 2025 and 2026. Resident ratings are shown from our data.

05Risk and compliance

Lawsuits, settlements and regulators.

Newest first. These are what public records and news show; allegations are reported as allegations.

≈Matched by nameA record can concern an owner, an affiliate or a similar name. We label it when the source shows that.
§Unproven until decidedA lawsuit or complaint is an allegation unless a court or regulator decided it.
↗Check the sourceEach item links to the record it comes from. Read it before relying on it.
  • 2026-05 · lawsuitCortland Management agreed to pay $18 million to settle renter class-action claims in the RealPage rent-pricing litigation in the Middle District of Tennessee; the settlement batch received preliminary approval on May 22, 2026.[18][19]
  • 2025-04 · regulatoryCortland settled with the North Carolina and Colorado attorneys general, agreeing not to use competitors' nonpublic data or third-party pricing algorithms without a court-appointed monitor and to submit compliance reports.[17]
  • 2025-01 · lawsuitDOJ added Cortland Management to its antitrust suit against RealPage and filed a proposed consent decree in which Cortland agreed to cooperate and to limits on using competitor data and algorithmic pricing, without admitting liability.[15][16]
  • 2024-05 · regulatoryFBI agents conducted a court-authorized search at Cortland Management's Atlanta headquarters as part of a DOJ criminal antitrust investigation into rental pricing and RealPage software.[14]
Our summary

Cortland was drawn into the federal and state antitrust cases over RealPage rent-pricing software. In May 2024, FBI agents searched its Atlanta headquarters as part of a DOJ criminal antitrust probe. In January 2025, the DOJ added Cortland to its civil suit against RealPage and filed a proposed consent decree. Under it, Cortland agreed to cooperate and to limits on using competitor data and algorithmic pricing, without admitting liability.

In April 2025, Cortland settled with the North Carolina and Colorado attorneys general on similar conduct terms, including compliance reporting. In May 2026, it agreed to pay $18 million to settle renter class-action claims in the RealPage litigation in Tennessee federal court, as part of a batch that won preliminary approval on May 22, 2026. These settlements resolve allegations; none includes an admission of wrongdoing that we found.

06Key personnel

Key personnel.

For an owner, the regional leaders in its own metro matter most, so leaders in DFW are listed first.

Kerry Crowley
Kerry CrowleyDFWLinkedIn
Managing Director, TX (Dallas and Fort Worth)[27][34]
Regional · Dallas-Fort Worth, TX
Before: Alliance ResidentialHarbor Group ManagementMonogram ResidentialEquity Residential[27]
Steven DeFrancis
Steven DeFrancisLinkedIn
Founder and CEO[11][9]
CEO · joined 2005 (21 yrs)
Before: Capitol RealtyCapitol Development Group[11]
Juan Bueno
Juan BuenoLinkedIn
President of Operations[25][24]
President · joined 2023 (3 yrs)
Before: Avison YoungThe Home DepotMcKinsey & Co.[25]
Brad Hamel
Brad HamelLinkedIn
EVP of Community Operations[26][50]
Operations · joined 2026 (0 yrs)
Before: The Blockhouse GroupLessenAlliance Residential CompanyRiverstone Residential[26]
Jud Whitney
Jud WhitneyLinkedIn
EVP of Support Services & Centralized Operations[32]
Operations
Before: Driven BrandsThe Home Depot[32]
Mindi Hill
Mindi HillLinkedIn
Managing Director, TX (Houston, Austin, and San Antonio)[28][34]
Regional · Houston, Austin and San Antonio, TX
Before: Davis Development[28]
Tiffany Barnett
Tiffany BarnettLinkedIn
Managing Director, GA, AL, IL, and OH[24][34]
Regional · GA, AL, IL and OH
Before: NALS[68]
Amanda Delevett
Amanda DelevettLinkedIn
Managing Director, Northeast Region[24][34]
Regional · Northeast
Before: Resource ResidentialNetspendRent-A-CenterJLL[69]
Jeremy Landrum
Jeremy LandrumLinkedIn
Managing Director, FL[24][34]
Regional · Florida
Before: The Home DepotInterline BrandsJanPakProcter & Gamble[70]
Dana Tucker
Dana TuckerLinkedIn
Managing Director, CO, AZ, ID, MN[24][34]
Regional · CO, AZ, ID and MN
Before: SNP PropertiesElite Street CapitalThe Lynd CompanyPegasus Residential[71]
Lady Neira
Lady NeiraLinkedIn
Managing Director, Mid-Atlantic[24][34]
Regional · Mid-Atlantic
Before: RAM PartnersHome Properties[72]
Meredith Barry
Meredith Barry
VP of Business Development[29][34]
Business development · joined 2026 (0 yrs)
Before: The Bozzuto Group[29][51]
Sandra Kim-Suk
Sandra Kim-SukLinkedIn
Chief Financial Officer[12]
Leadership · joined 2025 (1 yrs)
Before: L CattertonEngine No. 1Northwest Equity PartnersCiti Capital Advisors / Citi Infrastructure Investors[12][33]
Scott Moore
Scott MooreLinkedIn
Chief Technology Officer[30]
Leadership · joined 2011 (15 yrs)
Before: AccentureThe Medallion Group[30]
Tim Hermeling
Tim HermelingLinkedIn
EVP of Revenue Operations[31]
Leadership · joined 2015 (11 yrs)
Before: Classic Residence by HyattNorthern Trust CompanyCareer Education CorporationRobinson & Maites[31]
Mike Altman
Mike AltmanLinkedIn
Chief Investment Officer[24]
Leadership · joined 2007 (19 yrs)
Before: Hammond Development, Inc.[67]

Average leadership tenure: 9 years. Highlighted past employers have their own page here. LinkedIn profiles are linked, not copied.

What employees say, our read

GlassdoorMixed

About 750 employee reviews; culture and promotion from within praised, recurring complaints on work-life balance and managers[1]

Our assessment · Sep 2026View profile ↗
IndeedMixed

About 265 to 272 employee reviews; culture and internal promotion praised, pay, overtime and maintenance-staff neglect criticised[2]

Our assessment · Sep 2026View profile ↗
About the leadership

Steven DeFrancis founded Cortland in 2005 and remains CEO. He previously ran Capitol Realty and co-founded Capitol Development Group. Sandra Kim-Suk joined as chief financial officer in March 2025, after roles at L Catterton, Engine No. 1, Northwest Equity Partners and Citi. Mike Altman, chief investment officer, is one of the longest-serving executives: he joined in 2007 as a development associate from Hammond Development, became head of investments in 2010 and took his current role in 2013.

Operations are led by Juan Bueno, president of operations since 2023, who came from Avison Young, The Home Depot and McKinsey. Brad Hamel joined in January 2026 as executive vice president of community operations, overseeing the regional managing directors and the third-party platform; he previously worked at Lessen, Alliance Residential and Riverstone Residential. Jud Whitney runs centralized support, including contact centers, maintenance and procurement. Tim Hermeling joined in 2015 to build the marketing function and now leads revenue operations, including pricing, leasing and collections. Scott Moore, chief technology officer, joined in 2011 as an investment manager after a decade at Andersen Consulting and moved into the technology role in 2017.

In Texas, Kerry Crowley is managing director for Dallas and Fort Worth, with prior regional roles at Alliance Residential, Harbor Group Management and Monogram Residential. Mindi Hill is managing director for Houston, Austin and San Antonio. The other regional managing directors mix industry and outside backgrounds: Dana Tucker (Mountain West) and Lady Neira (Mid-Atlantic) came from other apartment operators, including Pegasus Residential, The Lynd Company, RAM Partners and Home Properties; Tiffany Barnett (Southeast and Midwest) and Amanda Delevett (Northeast) rose through Cortland's own ranks; and Jeremy Landrum (Florida) came from sales roles at The Home Depot and Procter & Gamble. Meredith Barry, vice president of business development since 2026, is the contact for owners seeking third-party management.

07Performance and fees

What they report, and what they charge.

Private managers rarely publish results. Figures the firm reports about itself are marked "firm claim"; ask for audited numbers before you sign.

Occupancyreported
93.4%
Blackstone suburban portfolio occupancy
93.4% occupied across a 16-property, Blackstone REIT-owned suburban portfolio run with Cortland (including Cortland Mirror Lake), per Freddie Mac loan data at its 2024 refinancing. Portfolio-wide occupancy is not published.[61]
as of 2024-06
Rent growthfirm claim
4%
Annual per-unit revenue outperformance
Firm claims 4% revenue outperformance per unit per year relative to the market[34]
as of 2026-09
NOIfirm claim
$750
Annual NOI gain per unit
Firm claims $750 of incremental NOI per unit per year from its operating approach[34]
as of 2026-09
Expense controlfirm claim
$699,000
Projected energy procurement savings
No per-unit operating expense data published. Firm reports projected energy procurement savings of $699,000 in 2024 (up from $174,000 in 2023) from renewable energy contracts, and said in 2023 it staffs community service teams at about one associate per 100 units.[64][63]
as of 2024
Retention and renewalsfirm claim
30%
Approximate renewal likelihood lift
No renewal or turnover rate published. Firm says residents who get a response within 24 hours are nearly 30% more likely to renew (Chief Experience Officer Mike Gomes, 2024). In a 2018 resident survey at three communities, 40% said package lockers made them more likely to renew.[65][66]
as of 2024-07
Turn timesfirm claim
24 hours
Service request completion target
No unit make-ready time published. Firm says it aims to complete resident service requests within 24 hours and to respond on site to after-hours emergencies within an hour.[63]
as of 2023-05
CapExfirm claim
Amounts not disclosed. Cortland ran capital improvement programs (unit interiors, building exteriors, amenity spaces) at the Miami, Dallas and Denver communities it refinanced in November 2025, per the lender's release.[62]
as of 2025-11

No current figure: Collections. Ask the firm for these before you sign.

Fees paid by owners

Fund management fee (Opportunistic Funds V and VI)
1.5%
Annual fund management fee
1.5% per year of capital commitments during the commitment period, then 1.5% of unreturned capital contributions[57][58]
Paid quarterly in advance to Cortland Investment Management. Offset by acquisition fees and part of asset management fees paid to Cortland affiliates. Can be waived, typically for employees and affiliates.
Fund management fee (Income Fund)
1.10%
Maximum annual management fee
Up to 1.10% of NAV per year: 1.10% up to $50M invested, 0.90% for $50M to $100M, 0.80% over $100M; 0.55% for formation partner investors[57]
Paid quarterly in arrears.
Carried interest
50%
Maximum opportunistic carried interest
Opportunistic Funds: 20% to 50%, subject to hurdle rates and a GP catch-up. Income Fund: 10% of excess profit every five years over a 7% IRR hurdle, with a 50/50 GP catch-up[57]
Affiliate property management fee (Cortland-sponsored funds)base fee
A percentage of each property's monthly gross cash receipts; the rate is set in each fund's governing documents and is not public[57]
Charged in addition to, and not offset against, the fund management fee or carried interest.
Affiliate construction management fee (Cortland-sponsored funds)
A percentage of total renovation hard costs, plus reimbursement of expenses, overhead and profit; rate not public[57]
Other affiliate fees charged to funds
Asset management fee (percentage of monthly gross cash receipts), acquisition fee (percentage of total capitalization, Opportunistic Funds only), design fees, and a licensing fee for IT software used to run each asset; rates not public[57]
Case studies (2)
  • Funnel CRM and AI leasing assistant rollout. Vendor case study: Cortland moved leasing to Funnel's CRM, AI, online leasing, fraud prevention and resident app, with an AI assistant branded 'Cortney' and a centralized contact center following up on leads. Funnel reports 69% of AI-scheduled tours were booked after hours.[40]
  • SmartRent inspection and audit management for acquisitions. Vendor case study: Cortland adopted SmartRent's Inspection Management and Audit Management apps so due-diligence teams could inspect every unit of a community it was buying, rather than a sample, and use real-time inspection data to decide whether to close a deal.[60]
Our notes on performance and fees

Cortland does not publish audited operating results or portfolio-wide occupancy. On its management services page it claims its approach adds NOI per unit each year and beats market revenue per unit. These are the firm's own figures and no third party has confirmed them.

The clearest outside data point is lender data. When Cortland and Blackstone REIT refinanced a suburban portfolio in 2024, Freddie Mac loan data showed its occupancy. That portfolio is majority-owned by Blackstone and run with Cortland. The figure is shown above.

On operations, Cortland said in 2023 that it aims to finish resident service requests within 24 hours and to reach after-hours emergencies within an hour. It also described fairly lean on-site service teams. A 2026 case study on its own site reports utility procurement savings from renewable energy contracts. Its lender's 2025 refinancing release says Cortland renovated interiors, exteriors and amenities at the communities involved, but gives no amounts.

On resident retention, Cortland does not publish a renewal or turnover rate. Its chief experience officer said in 2024 that residents who get a fast response are much more likely to renew, and a 2018 vendor case study reported that some residents said package lockers made them more likely to renew. These are statements about renewal intent, not measured renewal rates.

No public information was found on rent collections, bad debt, unit make-ready times, or per-unit operating costs and capital spending.

Cortland does not publish the fee it charges third-party owners for property management. The clearest public view of its fees comes from its SEC-registered adviser, Cortland Investment Management, whose March 2026 Form ADV brochure covers the funds it sponsors.

Investors in its Opportunistic Funds V and VI pay a 1.5% annual management fee on commitments, then on unreturned capital, reduced by acquisition and asset management fees paid to Cortland affiliates. The open-end Income Fund charges a tiered fee of up to 1.10% of NAV. Carried interest ranges from 20% to 50% in the opportunistic funds and is 10% over a 7% return hurdle in the Income Fund.

On top of those, Cortland affiliates charge the funds for property management (a percentage of each property's monthly gross cash receipts), construction management (a percentage of renovation hard costs), asset management, acquisitions, design work and a software licensing fee. The brochure does not give the rates, which are set in each fund's documents. These affiliate fees do not reduce the fund management fee, except for the acquisition and asset management offsets in Funds V and VI. Owners and investors should ask for the rates directly.

08Awards

Awards and recognition.

Industry rankings and awards, newest first. Many are based on surveys the firm enters or pays for, so weigh them below results and resident ratings.

2025Great Place to Work Certification[10]
2024Kingsley Excellence Awards Elite 5, Tier 1 (over 30,000 units), resident satisfaction[49][48][47]
09Technology

Software and systems.

Matters for reporting to you, integration with your systems, and how leasing and rents are set.

Property management software
RealPage OneSite[42][43][44]
CRM and leasing
Funnel (portfolio-wide CRM and lead management)[40][41]
Revenue management
RealPage revenue management (named in litigation; use restricted by 2025 settlements)[14][17]
Resident portal
Funnel resident portal and app (cortland.funnelleasing.com)RealPage OneSite resident portal at some communities[38][40]
BI and reporting
Power BIDatabricks[45][46]
AI and automation
Funnel AI leasing assistant, branded 'Cortney'[40]
API and integrations
In-house Enterprise Integration & Automation team connecting Microsoft Dynamics 365 Finance & Operations (ERP) to other platforms via OData APIs[59]
Our notes on technology

Cortland runs its properties on RealPage OneSite, according to its current job postings, including a Dallas leasing role. It uses Funnel for leasing CRM and lead management across the portfolio, and Funnel's AI assistant answers prospects and books tours under the name "Cortney." Residents reach their portal through Funnel at most communities, with some communities on a RealPage portal. Corporate job postings mention Power BI and Databricks for reporting and data work.

On the back office side, Cortland runs Microsoft Dynamics 365 Finance & Operations as its ERP and has an in-house integration and automation team that connects it to other systems through APIs, per a 2026 job posting. For acquisitions, a SmartRent case study says Cortland uses SmartRent's inspection and audit apps to inspect every unit of a community during due diligence.

Cortland also used RealPage revenue management software, according to the antitrust litigation. Its 2025 settlements bar it from using third-party pricing algorithms without court-appointed oversight. It now describes its pricing as run by an in-house revenue management team.

10Growth

Momentum, year by year.

Growing firms win new contracts but can stretch staff; shrinking ones may be losing clients.

Signal: growing[13][10]

Units the firm reported, by year[21][39][36][14][37][10]
2014201620182020202220242026+27%+16%-29%+35%+2%55k2019: 55,000 units reported by the firm70k2021: 70,000 units reported by the firm82k2023: 81,500 units reported by the firm58k2024: 58,000 units reported by the firm78k2025: 78,119 units reported by the firm80k2026: 80,000 units reported by the firmEVENTS2013-10 · office opening: Opened a Dallas office while adding Texas acquisitions.2018-01 · expansion: Entered the UK build-to-rent market by buying developer Orion Land.2019-08 · acquisition: Acquired LIV Group, a UK and Ireland build-to-rent operator and consultancy that manages communities for other owners.2025-03 · hire: Hired Sandra Kim-Suk as chief financial officer.2025-11 · acquisition: An affiliate bought 19 multifamily communities in Northern Virginia, Washington DC and metro Atlanta from Elme Communities for $1.6 billion in cash.2026-01 · capital: LaSalle Investment Management co-invested $250 million alongside Cortland Enhanced Value Fund VI in the Elme portfolio, with Cortland operating the properties.2021-09 · acquisition: Acquired Qdime Group, a UK residential and block management business, expanding its UK property management platform.2023-08 · hire: Hired Juan Bueno, formerly US president of Avison Young, as its first president of operations.2026-01 · hire: Appointed Brad Hamel executive vice president of community operations, also owning its third-party management platform.2026-04 · hire: Appointed Meredith Barry, formerly of The Bozzuto Group, vice president of business development to grow third-party management.

Hover a point or an orange event dot for details. Unit counts are what the firm reported nationally.

Recent events

  • 2026-04 · hireAppointed Meredith Barry, formerly of The Bozzuto Group, vice president of business development to grow third-party management.[51]
  • 2026-01 · hireAppointed Brad Hamel executive vice president of community operations, also owning its third-party management platform.[50]
  • 2026-01 · capitalLaSalle Investment Management co-invested $250 million alongside Cortland Enhanced Value Fund VI in the Elme portfolio, with Cortland operating the properties.[10]
  • 2025-11 · acquisitionAn affiliate bought 19 multifamily communities in Northern Virginia, Washington DC and metro Atlanta from Elme Communities for $1.6 billion in cash.[13]
  • 2025-03 · hireHired Sandra Kim-Suk as chief financial officer.[12]
  • 2023-08 · hireHired Juan Bueno, formerly US president of Avison Young, as its first president of operations.[52][25]
Show 4 earlier
  • 2021-09 · acquisitionAcquired Qdime Group, a UK residential and block management business, expanding its UK property management platform.[39]
  • 2019-08 · acquisitionAcquired LIV Group, a UK and Ireland build-to-rent operator and consultancy that manages communities for other owners.[21]
  • 2018-01 · expansionEntered the UK build-to-rent market by buying developer Orion Land.[21]
  • 2013-10 · office openingOpened a Dallas office while adding Texas acquisitions.[20]

Cortland entered Texas in the early 2010s and opened a Dallas office in 2013. It now lists regional offices in Charlotte, Dallas, Denver, Houston, Orlando and Phoenix, and communities in more than 20 US metros. It entered the UK in 2018 by buying developer Orion Land, added operator LIV Group in 2019, and bought UK block manager Qdime Group in 2021.

In November 2025, an affiliate bought 19 communities in Northern Virginia, Washington DC and metro Atlanta from Elme Communities for $1.6 billion in cash, which gave it a new Washington-area market. LaSalle co-invested $250 million in that portfolio in January 2026. Even so, the unit count and gross real estate value on Cortland's own investor page have eased since late 2023, and its reported headcount has been roughly flat. In 2026 it hired new leaders to grow third-party management.

11Ownership

Who owns the firm, and why it matters.

A manager that also owns buildings, or answers to a fund, can have different priorities from yours.

OwnershipFounder-owned[9][11]
Parent companyCortland Holdings, LLC, a privately held holding company managed by founder Steven DeFrancis. It is the sole member of the firm's SEC-registered adviser, Cortland Investment Management. Its members are The Kenjack Trust (majority) and CIOPS Consolidated Holdings, LLC (large minority), also managed by DeFrancis. No outside institutional owner is listed.[94]
Business modelManages for outside owners and its own portfolio[10][21][22]
Affordable housingLimited. Some market-rate communities carry income-restricted units: workforce housing programs at Cortland Delray Station, Cortland Deerfield Station and Cortland Hollywood in South Florida (proof of income, recertified each renewal), and Arlington County Committed Affordable units at Cortland on Pike in Virginia. No LIHTC portfolio or affordable division found, and HUD's assisted multifamily list names no Cortland-managed property.[85][86][87][88][89]
Employee growthRoughly flat: 2,360 US associates (Sep 2023), 2,283 (Jan 2025), 2,318 (Jun 2026), per the firm's investor page[36][37][35]

Not publicly disclosed: Sister companies

Ownership changes

  • 2019-12 · stakeCIOPS Consolidated Holdings, LLC, managed by Steven DeFrancis, became a member of Cortland Holdings, LLC with a 25% to 50% stake, per the adviser's SEC filing.[94]
  • 2018-09 · renamedCortland Partners shortened its corporate name to Cortland, with a new logo and brand strategy.[73]
  • 2014-06 · stakeThe CEO said the firm, then owned by him and two minority partners, would consider a partial or full sale to a financial or strategic buyer; an earlier deal with a private equity firm had fallen apart. No sale followed that we found.[95]

Cortland is privately held and led by its founder, Steven DeFrancis. It operated as Cortland Partners until September 2018, when it shortened its name to Cortland as part of a rebrand. In the US it mainly manages communities owned by its own funds, joint ventures and investment vehicles, including Cortland Enhanced Value Fund VI. Outside capital comes from institutional partners such as LaSalle Investment Management, which co-invested in its 2025 Atlanta and Washington DC portfolio purchase.

The parent is Cortland Holdings, LLC, a private holding company that DeFrancis manages. Its SEC-registered investment adviser, Cortland Investment Management, lists Cortland Holdings as its sole member in a March 2026 filing. Cortland Holdings is majority owned by a trust, The Kenjack Trust. A second member, CIOPS Consolidated Holdings, also managed by DeFrancis, has held a large minority stake since December 2019. The filing lists no outside institutional owner. In 2014 DeFrancis said he would consider selling part or all of the firm, after an earlier private equity deal fell through, but we found no sale since. The filing covers the adviser; it does not separately show the ownership of the property management company.

Cortland also sells third-party management to outside owners. A watchdog report described it as one of the property managers Blackstone hires for its apartments. In 2026 it named a new head of community operations who owns the third-party platform, and hired a vice president of business development from The Bozzuto Group to win new management clients. In the UK, its 2019 purchase of LIV Group and 2021 purchase of Qdime Group added businesses that manage buildings for other owners. That makes its model a mix of own-portfolio and third-party management.

12Sources

Where every fact comes from.

Each [n] above links here. Property numbers, ratings and the map come from our database; each property links to its county record, its own website and its Google page.

Show all 96 sources
  1. Cortland Reviews | Glassdoor glassdoor.com · seen 2026-09-29
  2. Working at Cortland | Indeed indeed.com · seen 2026-09-28
  3. Cortland | BBB Business Profile bbb.org · seen 2026-09-29
  4. Cortland | BBB Complaints bbb.org · seen 2026-09-29
  5. Cortland North Dallas Reviews | ApartmentRatings apartmentratings.com · seen 2026-09-29
  6. Cortland on McKinney Reviews | ApartmentRatings apartmentratings.com · seen 2026-09-29
  7. Cortland at West Village | Yelp yelp.com · seen 2026-09-29
  8. Cortland North Dallas | Yelp yelp.com · seen 2026-09-29
  9. Atlanta-based Cortland caters to those who choose to rent rather than own - SaportaReport saportareport.com · seen 2026-09-28
  10. LaSalle Investment Management Announces $250 Million Multifamily Co-Investment With Cortland (PR Newswire, Jan 2026) prnewswire.com · seen 2026-09-28
  11. Steven DeFrancis | Meet The Team | Cortland cortland.com · seen 2026-09-28
  12. Apartment giant Cortland adds trio to continue growth in US, UK | Cortland cortland.com · seen 2026-09-28
  13. Elme Communities Completes Sale of 19 Multifamily Communities for $1.6 Billion ir.elmecommunities.com · seen 2026-09-28
  14. FBI raids Cortland Management in Atlanta as part of US DOJ antitrust probe (MLex, May 2024) mlex.shorthandstories.com · seen 2026-09-28
  15. Duane Morris: DOJ's Proposed Settlement with Property Manager Targets Algorithmic Pricing Coordination duanemorris.com · seen 2026-09-28
  16. Federal Register: United States et al. v. RealPage, Inc. et al. federalregister.gov · seen 2026-09-28
  17. Attorney General Jeff Jackson Reaches Settlement with Landlord to Stop Using RealPage's Unlawful Software ncdoj.gov · seen 2026-09-28
  18. RealPage settlement: What renters should know about class action case (Houston Chronicle) houstonchronicle.com · seen 2026-09-28
  19. RealPage rent-fixing settlements pass $200M (The Real Deal, May 2026) therealdeal.com · seen 2026-09-28
  20. Investor Cortland Partners makes more Texas buys and opens Dallas office (Dallas Morning News, Oct 2013) dallasnews.com · seen 2026-09-28
  21. Cortland Continues UK BTR Expansion With LIV Group Buy (Bisnow, Aug 2019) bisnow.com · seen 2026-09-28
  22. Build-to-Rent | Cortland UK cortland.co.uk · seen 2026-09-28
  23. Working at Cortland | Glassdoor glassdoor.com · seen 2026-09-28
  24. Meet The Team | Cortland cortland.com · seen 2026-09-28
  25. Juan Bueno | Meet The Team | Cortland cortland.com · seen 2026-09-28
  26. Brad Hamel | Meet The Team | Cortland cortland.com · seen 2026-09-28
  27. Kerry Crowley | Meet The Team | Cortland cortland.com · seen 2026-09-28
  28. Mindi Hill | Meet The Team | Cortland cortland.com · seen 2026-09-28
  29. Meredith Barry | Meet The Team | Cortland cortland.com · seen 2026-09-28
  30. Scott Moore | Meet The Team | Cortland cortland.com · seen 2026-09-28
  31. Tim Hermeling | Meet The Team | Cortland cortland.com · seen 2026-09-28
  32. Jud Whitney | Meet The Team | Cortland cortland.com · seen 2026-09-28
  33. Sandi Kim-Suk | Meet The Team | Cortland cortland.com · seen 2026-09-28
  34. Community Management | Cortland cortland.com · seen 2026-09-28
  35. Investors | Cortland (figures as of June 30, 2026) cortland.com · seen 2026-09-28
  36. Investors | Cortland, archived June 2024 (figures as of September 30, 2023) web.archive.org · seen 2026-09-28
  37. Investors | Cortland, archived June 2025 (figures as of January 1, 2025) web.archive.org · seen 2026-09-28
  38. Resident Login | Cortland cortland.com · seen 2026-09-28
  39. Cortland Acquires Qdime Group, Quadrupling Its UK Property Management Portfolio (Sep 2021) cortland.com · seen 2026-09-28
  40. Funnel case study: Cortland's unified marketing with AI funnelleasing.com · seen 2026-09-28
  41. Funnel Reports Record High Growth, Welcomes Cortland and Essex as Clients funnelleasing.com · seen 2026-09-28
  42. Leasing Hub Specialist - Dallas, TX | Cortland careers (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  43. Screening & Applications Specialist - Sandy Springs, GA | Cortland careers (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  44. Bilingual Resident Services Specialist - Sandy Springs, GA | Cortland careers (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  45. Senior Corporate Accountant - Atlanta, GA | Cortland careers (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  46. Data Scientist - Atlanta, GA | Cortland careers (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  47. Grace Hill unveils winners of 2026 Kingsley Excellence Awards (PR Newswire, Jan 2026) prnewswire.com · seen 2026-09-28
  48. Grace Hill announces winners of 2025 Kingsley Excellence Awards (PR Newswire) prnewswire.com · seen 2026-09-28
  49. Grace Hill unveils winners of 2024 Kingsley Excellence Awards (PR Newswire) prnewswire.com · seen 2026-09-28
  50. Cortland names Brad Hamel executive vice president of community operations (IREI, Jan 27, 2026) irei.com · seen 2026-09-28
  51. Meredith Barry to Lead Growth of Cortland's Third-Party Business (Apr 16, 2026) multifamilyaffordablehousing.com · seen 2026-09-28
  52. Cortland hires Juan Bueno as first president of operations (Atlanta Agent Magazine, Aug 2023) atlantaagentmagazine.com · seen 2026-09-28
  53. Juan P. Bueno - President of Operations at Cortland | LinkedIn linkedin.com · seen 2026-09-28
  54. Brad Hamel - Cortland | LinkedIn linkedin.com · seen 2026-09-28
  55. Kerry Crowley - Cortland | LinkedIn linkedin.com · seen 2026-09-28
  56. Blackstone-contracted property manager Cortland raided by FBI as part of RealPage investigation (PESP) pestakeholder.org · seen 2026-09-28
  57. Cortland Investment Management, LLC Form ADV Part 2A Firm Brochure (SEC, March 31, 2026) files.adviserinfo.sec.gov · seen 2026-09-28
  58. Cortland Investment Management, LLC | SEC Investment Adviser Public Disclosure adviserinfo.sec.gov · seen 2026-09-28
  59. Senior Technical Lead, Microsoft Dynamics 365 F&O - Atlanta, GA | Cortland careers (Greenhouse) job-boards.greenhouse.io · seen 2026-09-28
  60. Cortland Finds Smart Solution for Inspections | SmartRent case study smartrent.com · seen 2026-09-28
  61. Blackstone Lands Apartment Refinancing (Investments LA, Jun 14, 2024, citing CoStar News, Jun 6, 2024) investmentsla.com · seen 2026-09-28
  62. Walker & Dunlop Arranges $192 Million Refinance for Cortland Multifamily Portfolio (Nov 17, 2025) investors.walkerdunlop.com · seen 2026-09-28
  63. Property Maintenance Tech Specs with Cortland (Multi-Housing News, May 8, 2023, reposted on cortland.com) cortland.com · seen 2026-09-28
  64. Cortland ESG case study with Conservice (cortland.com, July 2026) cortland.com · seen 2026-09-28
  65. How Branding and Data are Shaping the Resident Experiences (Multifamily Executive, Jul 1, 2024) multifamilyexecutive.com · seen 2026-09-28
  66. Cortland | Parcel Pending case study (2018) parcelpending.com · seen 2026-09-28
  67. Mike Altman | Meet The Team | Cortland cortland.com · seen 2026-09-28
  68. Tiffany Barnett | Meet The Team | Cortland cortland.com · seen 2026-09-28
  69. Amanda Delevett | Meet The Team | Cortland cortland.com · seen 2026-09-28
  70. Jeremy Landrum | Meet The Team | Cortland cortland.com · seen 2026-09-28
  71. Dana Tucker | Meet The Team | Cortland cortland.com · seen 2026-09-28
  72. Lady Neira | Meet The Team | Cortland cortland.com · seen 2026-09-28
  73. Cortland Partners Launches New Brand Identity (Multifamily Executive, Sep 10, 2018) multifamilyexecutive.com · seen 2026-09-28
  74. Mike Altman - Chief Investment Officer | LinkedIn linkedin.com · seen 2026-09-28
  75. Scott Moore - Cortland | LinkedIn linkedin.com · seen 2026-09-28
  76. Tim Hermeling - Atlanta Metropolitan Area | LinkedIn linkedin.com · seen 2026-09-28
  77. Jud Whitney - EVP of Operations | LinkedIn linkedin.com · seen 2026-09-28
  78. Sandra Kim-Suk - Chief Financial Officer at Cortland | LinkedIn linkedin.com · seen 2026-09-28
  79. Mindi Hill, CPM - Managing Director at Cortland | LinkedIn linkedin.com · seen 2026-09-28
  80. Tiffany Barnett, CPM - Cortland | LinkedIn linkedin.com · seen 2026-09-28
  81. Amanda Delevett | LinkedIn linkedin.com · seen 2026-09-28
  82. Jeremy Landrum - Cortland | LinkedIn linkedin.com · seen 2026-09-28
  83. Dana Tucker - Managing Director Cortland | LinkedIn linkedin.com · seen 2026-09-28
  84. Lady Neira CPM Candidate - Cortland | LinkedIn linkedin.com · seen 2026-09-28
  85. Workforce Housing at Cortland Delray Station cortland.com · seen 2026-09-28
  86. Workforce Housing at Cortland Deerfield Station cortland.com · seen 2026-09-28
  87. Workforce Housing at Cortland Hollywood cortland.com · seen 2026-09-28
  88. Affordable Housing at Cortland on Pike (Arlington County Committed Affordable units) cortland.com · seen 2026-09-28
  89. HUD Multifamily Properties - Assisted (management agent field) services.arcgis.com · seen 2026-09-28
  90. Google reviews of the firm's DFW properties (our analysis) google.com · seen 2026-09-30
  91. Data Driven: Scott Moore of Cortland On How To Leverage Data (Authority Magazine, reposted on cortland.com, Jul 16, 2025) cortland.com · seen 2026-09-29
  92. 426: Cortland's New Approach to Branding Multifamily Housing with Tim Hermeling (Marketing Today podcast, Jul 3, 2024) marketingtodaypodcast.com · seen 2026-09-29
  93. Steven DeFrancis - Cortland | LinkedIn linkedin.com · seen 2026-09-29
  94. Cortland Investment Management, LLC Form ADV Part 1, annual amendment filed March 31, 2026 (Schedules A and B, direct and indirect owners) reports.adviserinfo.sec.gov · seen 2026-09-29
  95. Cortland Partners Retains CohnReznick to Field Interest; Would Hire Banker for Deal - CEO (CRC-IB, Jun 3, 2014) crc-ib.com · seen 2026-09-29
  96. NMHC 2026 Top 50 Managers nmhc.org · seen 2026-10-01