A 510-unit apartment property in McKinney, Texas, has been bought by Cortland Partners for $60.4 million. The sale of Saxon Woods to the Atlanta-based company is part of a three-property acquisition. Two other properties that the company bought in Houston and Jacksonville, Fla., total $130.3 million. "We will be making additional inroads into these states and significantly improving our economies of scale there as well as our overall portfolio diversity," said CEO Steven DeFrancis.
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