June 8th 2024.
The U.S. Department of Justice is currently investigating allegations of a price fixing scheme orchestrated by Cortland, a development firm based in Atlanta. The Federal Bureau of Investigation recently conducted a search of Cortland's headquarters, after court documents revealed evidence of competitors using algorithms to manipulate prices. The court cited the Sherman Act, which deems it unlawful for competitors to collaborate in setting prices. Cortland, which owns a vast portfolio of over 80,000 homes and apartments nationwide, released a statement confirming the limited search and stating their full cooperation with the investigation.
The probe, spearheaded by the U.S. Department of Justice, focuses on potential anticompetitive practices within the multifamily residential sector. Cortland clarified that neither the company nor its employees are targets of the investigation. However, tenants in Northwest Atlanta, such as Torrin Strong, have expressed concerns about the rising cost of rent. Strong, who currently pays almost $1,700 for a two-bedroom apartment, shared that his rent has increased by $500 in just a few years.
According to Cortland's LinkedIn profile, the company prides itself on being a product-to-people company, providing a comprehensive range of services in the multifamily real estate industry. This includes investments, development, and management, all under one roof. Their unique approach involves handling every aspect of multifamily development, from design and construction to asset management and ownership.
With a team of approximately 2,500 employees spread across the U.S. and the world, Cortland has its headquarters in Atlanta, Georgia, and London, UK. The company also has regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, Orlando, and Phoenix, and operates a build-to-rent management and development platform in the UK.
In related news, JPMorgan Chase is preparing to launch a new app that automates rent payments for both tenants and landlords. This technology aims to simplify the rent payment process and provide an efficient and reliable solution for all parties involved.
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