Cortland, one of the largest apartment companies in the United States and a fast-growing landlord in the United Kingdom, has hired three new executives to help lead its expansion across both countries.
The Atlanta-based firm said it hired Sandra Kim-Suk to serve as its chief financial officer. It also added Michelle Johnstone as its executive vice president of client relations and capital markets and Chelsea Holder as head of investor relations, the firm said.
"The addition of these new team members is crucial to driving Cortland's expansion and ensuring our continued success," CEO Steven DeFrancis said in a statement.
Cortland, founded by DeFrancis in 2005, is fortifying its leadership team as it continues its expansion across the U.S. and in the U.K. The firm is making the moves as the apartment market bounces back from a lull after the peak of the pandemic.
"The U.S. multifamily market continued a strong rebound in demand during the fourth quarter of 2024, with 104,000 units absorbed," according to CoStar's national multifamily report. "That brings full-year demand for 2024 to 547,000 units, the strongest total since 2021."
The absorption, or the difference in units occupied versus vacated in a given period, represented a 68% increase over 2023's total. "Demand was driven by stable economic growth, slowing inflation, and a continued slowing of renter households, making the jump to ownership, which creates fewer units to backfill," CoStar said.
Cortland manages and is invested in, directly or indirectly, 240 apartment complexes that comprise nearly 80,000 units in the U.S. It ranked No. 8 on the National Multifamily Housing Council's 2024 list of the 50 Largest Apartment Owners.
Industry veterans
While new faces at Cortland, the three latest hires have been around the block.
Kim-Suk served at companies including impact investment firm Engine No. 1, Northwest Equity Partners and private equity firm L Catterton.
"Throughout my career, I have focused on delivering scalable, secure, and adaptable solutions while proactively searching for opportunities to enhance products and processes with an eye toward growth," Kim-Suk said in a statement.
Reporting to DeFrancis, she will lead a team of about 140 finance and accounting professionals in the U.S. and the U.K., Cortland said.
As for Johnstone, she worked in client relations at National Real Estate Advisors, Transwestern and Lincoln Property Co.
Holder's career includes stops at global investment and development firm Jamestown and PGIM Real Estate Finance.
Johnstone and Holder report to Ned Stiker, the company’s senior managing partner and head of client relations and capital markets, Cortland said.