HOUSTON – Cortland Partners of Atlanta has acquired Newport on the Lake, a 234-unit multi-family community located in Houston’s Energy Corridor. The development includes 252,768 square feet of rentable space with an average unit size of 1,080 square feet. Ryan Epstein of CBRE represented the seller, Santa Monica, California-based Columbus Pacific Properties, in the transaction.
The project, completed in 2008, has 97 percent occupancy.
“Newport on the Lake’s proximity to Houston’s Energy Corridor and large, luxury units will provide great long term stability and income growth—a great addition to Cortland Partners Houston portfolio,” said Epstein, First Vice President with CBRE’s Capital Markets Houston Investment Sales Group.