Dive Brief:

• LaSalle Investment Management completed a $250 million co-investment alongside Cortland Enhanced Value Fund VI into a portfolio of 19 multifamily properties that Cortland acquired for $1.6 billion in November 2025, according to a Jan. 8 press release.
• LaSalle’s investment will primarily support the value-add repositioning of the assets. The investment comprises 34% of the equity in the nearly 6,000-unit portfolio, which includes properties in metro Atlanta, Washington, D.C., and Northern Virginia. Cortland will operate and manage the individual properties.
• In December, UDR announced that it had closed a $230 million expansion of its joint venture with LaSalle. Under the terms of the transaction, UDR agreed to contribute four additional properties totaling 974 units with an average vintage of 1985 in Portland, Oregon; Orlando, Florida; and Richmond, Virginia; bringing the JV’s total to 2,564 apartment homes. 

Dive Insight:

LaSalle’s two transactions highlight its preference for partnering with experienced operators across U.S. housing markets on value-add investments. The firm seeks well-located multifamily assets where operational improvements, capital investment and active management can drive long-term value for investors.

“Partnering with an experienced manager like Cortland allows us to invest at scale in a high-quality portfolio and support a business plan focused on thoughtful repositioning, operational execution, and long-term income growth,” Stuart Sziklas, global portfolio manager at LaSalle, said in the press release.

In July 2023, LaSalle and UDR originally teamed up to close a $510 million joint venture to acquire high-quality, well-located communities with operational upside. In December 2025, the size of the overall partnership increased to $850 million.

UDR will retain 51% ownership of the apartment communities contributed in December. The Highlands Ranch, Colorado-based REIT will also encumber newly contributed assets with 50% debt and place debt on existing joint venture assets, bringing the joint venture's total leverage to approximately 33%.

UDR will receive approximately $200 million in cash proceeds from the transaction, which it will utilize for share repurchases, debt repayment and general corporate purposes. The REIT and LaSalle will continue to explore incremental growth opportunities for the joint venture in 2026.

“Our joint venture with UDR has been a strong and successful collaboration since its inception and we are pleased to continue building on that foundation,” said Sziklas in the press release. “UDR has been an excellent partner that has delivered value through its high-quality operating platform and commitment to innovation. We look forward to finding additional opportunities to grow our relationship.”

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