The Addison, we hardly knew ye.
Cortland, a large multi-national owner of apartment complexes based in Atlanta, has purchased two additional Boise are apartment complexes, bringing its total to three.
Cortland purchased The Addison from Gardner Co., and quickly rebranded the property on Park Blvd after itself. The apartment complex is now known as Cortland on the River.
Gardner developed the property, which is owned by the Harry W. Morrison Foundation, into The Addison, with 236 residential units, along with 356 apartment spots. Work wrapped up last year.
The Morrison Foundation retains ownership of the ground. Cortland is buying just the buildings, and will lease the ground from the foundation, according to Gardner Co. VP David Wali.
“(The project) was a creative way to help the foundation with their need, which is cash in perpetuity,” Wali said. “They use the cash for things like Ann Morrison Park and it was a great way for me to get a great infill site where I could do a project.”
The Harry W. Morrison Foundation, started by the construction magnate and Morrison Knudsen Co. founder and his first wife Ann Morrison, remains active in the Boise community long after their deaths – as well as the death of Harry Morrison’s second wife Velma. It is currently raising funds for upgrades to Ann Morrison Park.
Wali said he believes Cortland can manage the property and continue to drive returns to the foundation.
Franklin at Ten Mile
In a separate transaction, Cortland also purchased The Franklin at Ten Mile, an apartment project near Ten Mile Christian Church, just west of Franklin Rd. and Ten Mile Rd. in Meridian. It also renamed the project after itself, now calling it The Cortland at Ten Mile.
The seller of The Franklin at Ten Mile is SOA Phase I, controlled by David M. Cooper of Meridian.
Last year, Cortland bought Indigo near Overland Rd. and Meridian Rd. in Meridian. It renamed this complex Cortland South Meridian.
The latest acquisitions give Cortland just less than 1,000 apartments in the Boise market.