Cortland acquired the 374-unit Tradewinds at Willowbrook apartments in northwest Houston.
HOUSTON – (Realty News Report) – Atlanta-based Cortland acquired the 374-unit Tradewinds at Willowbrook apartments in northwest Houston.
The seller, Olympus Property of Fort Worth, was represented by Ryan Epstein and Jennifer Ray of Berkadia.
The Tradewinds, built in 2007, is located at 12331 North Gessner. The property, consisting of 14 three-story buildings, represents a value-add investment, Epstein said.
“Tradewinds at Willowbrook presented an exceptional value-add investment opportunity in a market where underlying fundamentals are excellent,” said Epstein. “The Houston market as a whole has seen strong absorption and limited new supply in recent years, combined with considerable job growth. In the area where Tradewinds is located in particular, there are currently no comparable properties in lease-up or new projects under development, so with the appropriate capital improvements, the new owner could realize significant rent growth and return on investment.”
May 22, 2019 Realty News Report Copyright 2019