Cortland Buys 288-Unit Houston Community
The property traded for more than $42 million 12 years ago.
Cortland has acquired Villas River Oaks, a 288-unit multifamily property in Houston, from Heitman. The company now owns and operates 17 assets in the metro, totaling more than 5,000 units.
The property previously traded in July 2012, when Heitman acquired it from Lubert-Adler for $42.5 million or $147,569 per unit, according to Yardi Matrix information.
The new owner rebranded the community as Cortland River Oaks. Plans also call for interior and exterior renovations, including new flooring and appliances, as well as the installation of smart-home features and amenity upgrades.
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The Class A community came online in 1996 and encompasses nine two- and three-story buildings spread across more than 5 acres. The unit mix consists of one- and two-bedroom layouts ranging from 625 to 1,200 square feet and feature walk-in closets and private balconies or patios.
Common-area amenities include a fitness center, a swimming pool and a deck with lounge and social areas, multiple grills and a community garden. The property also has a coffee bar, outdoor resident lounge, yoga studio and more than 430 parking spaces.
Cortland River Oaks is at 777 Dunlavy St., close to a host of dining and retail options and some 3 miles from downtown Houston. George Bush Intercontinental Airport is within 20 miles northeast.
Cortland’s recent Texas multifamily deals
Cortland’s multifamily portfolio as of September 2023 consisted of more than 81,500 units spread across 22 markets. With the acquisition of Villas River Oaks, the company now owns 68 communities in Texas, comprising almost 25,000 units.
Last year, Cortland sold the 416-unit The View at TPC in San Antonio for $70.8 million. An entity affiliated with Quarry Capital acquired the 13-building property that came online in 2014.
In October, the firm sold Arise Craig Ranch, a 270-unit asset in McKinney, Texas. CONAM purchased the property through CONAM Multifamily Partners Fund III.
