Cortland Expands in Houston
The company used a Freddie Mac loan to finance the acquisition of Tradewinds at Willowbrook from Olympus Property, which had owned the 332-unit community for seven years.
Cortland has acquired the 332-unit Tradewinds at Willowbrook in Houston from Olympus Property, according to Yardi Matrix data. The new owner financed the transaction through a 10-year, $40.8 million Freddie Mac loan originated by Walker & Dunlop and scheduled to mature in 2029. Berkadia’s Senior Managing Director Ryan Epstein and Director Jennifer Ray worked on behalf of the seller. The asset last traded seven years ago.
Located at 12331 N. Gessner Road, the gated community consists of one-, two- and three-bedroom apartments in 14 three-story buildings. Completed in 2007 on a 14.7-acre site, the property includes common-area amenities such as a fitness center, nature trail, pool and outdoor kitchen with gas grill and fireplace. Situated in a dense residential area 23 miles north of downtown Houston, Tradewinds at Willowbrook is close to several dining and retail options. As of March, the asset was 95.5 percent occupied per Yardi Matrix data.
In a recent similar transaction, Cortland increased their presence in Phoenix with the $62 million purchase of the 368-unit Courtney Village at Papago Park. The sale was financed through a Freddie Mac loan.