PAMERA North America LLC (PAMERA NA), headquartered in New York City and part of the Munich-based real estate family and investment office PAMERA Real Estate Partners, has closed another US deal with the acquisition of “Cortland Glennwood South” in Raleigh, North Carolina. The purchase was made in a joint venture with a German family office and the US real estate company Cortland, headquartered in Atlanta. PAMERA and Cortland hold a 5% stake as co-investors and are responsible for the asset and property management of the property. Cortland is one of the leading residential specialists in the USA with real estate assets under management of around USD 20 billion.

Background and plans
The apartment complex was completed in 2020 and is located in the up-and-coming Smoky Hollow neighborhood of Raleigh. The property comprises 417 residential units with an average size of around 84 square meters and 745 parking spaces, which are also available for a Publix store located in the complex. The highest construction quality, larger-than-average apartments and direct access to the Publix supermarket are unique selling points that are crucial for long-term success. The business plan includes optimizing administrative processes and targeted modernization measures.

The latest purchase is already PAMERA NA’s fourth successful deal in the USA. Cord Ernst, Managing Partner of PAMERA NA, explains: “Cortland Glennwood South is a generational investment that meets 100% of our investment criteria. We are particularly pleased to have Cortland, one of the leading US residential specialists, as a strategic partner, also for future deals.”

PAMERA NA’s business model and strategy
PAMERA NA concentrates on the targeted acquisition and development of real estate in dynamic markets such as New York City, Denver, Boston and the “Sunbelt” states, which are characterized by robust economic data and long-term growth potential. The focus is on residential and logistics properties, which are optimized through location advantages and targeted development measures such as renovations and repositioning. The aim is to generate stable and sustainable income and to fully exploit the development potential of the properties.

Photocredit: PAMERA / Kane / Cortland