Cortland Sells Luxury San Antonio Asset for $71M
An affiliate of Quarry Capital purchased the property.
Cortland has sold the 416-unit The View at TPC in San Antonio, formerly known as Cortland View at TPC, for $70.8 million. The buyer was 4092 TPC LLC, an entity affiliated with Quarry Capital, according to Yardi Matrix information.
Cortland purchased the luxury asset from W3 in 2016, in a $117.5 million portfolio transaction that also included the 344-unit Cortland Estates at TPC Apartments. Lincoln Financial Group provided a 15-year, $39 million acquisition loan.
Completed in 2014, the 13-building property has one- to four-bedroom floorplans ranging from 652 to 1,850 square feet, Yardi Matrix shows. Common-area amenities include a fitness center, pool, lounge and clubhouse. More than 620 grade-level parking spaces are also available.
Located at 4092 TPC Parkway, the community is some 2 miles west of the TPC San Antonio golf club and 1 mile in the same direction from JW Marriott San Antonio Hill Country Resort & Spa. San Antonio International Airport is some 12 miles southwest, while several dining, retail and entertainment options can be found within a 3-mile radius.
The San Antonio multifamily market fundamentals have started to soften since the beginning of the year, particularly when it comes to transactions. However, investors seem to continue to favor luxury properties: Some 8,300 units changed hands in the metro year-to-date through August, 4,780 of which pertaining to upscale communities, according to Yardi Matrix data.