Exclusive: Cortland Sells 276-Unit Austin Asset
The property debuted a decade ago.
Cortland has sold Adair Onion Creek, a 276-unit community in Austin, Texas, according to Yardi Matrix data. Bader acquired the property, backed by a Mesa West Capital debt fund.
The asset entered into Cortland’s ownership after the company acquired Pure Multi-Family REIT in 2019. The all-cash transaction was valued at $1.2 billion, including net debt.
The community comprises 10 three-story buildings encompassing one- to three-bedroom floorplans that average 828 square feet. Amenities consist of a swimming pool, theater room, gym and business center, among other features.
Located on nearly 14 acres at 1900 Onion Creek Parkway, the 2016-completed property is just off Interstate 35 within the Onion Creek neighborhood, about 12 miles southwest of downtown Austin.
READ ALSO: Why Discipline Is Driving Multifamily Performance
Bader executes opportunistic acquisitions across recovering markets, targeting properties where physical upgrades to units and common areas may boost rental returns. Last year, the firm expanded its presence in the Lone Star State with the acquisition of Markethaus 3700 in Plano, Texas, Yardi Matrix data shows. Sherman Residential sold the 300-unit asset.
Austin investment takes first step toward recovery
While the Austin multifamily transaction volume witnessed a resurgence in 2025, with the figure up 41.5 percent from 2024, the activity remained below historical averages, according to a Yardi Matrix report. Sales reached $1.3 billion, below the decade’s annual average of $1.7 billion.
Notable 2026 deals include Trammell Crow’s sale of Bridge at the Blockyard, a 344-unit asset, to CWS Capital Partners and the Housing Authority of the City of Austin, as well as Blackstone’s divestment of the 498-unit Bridge at River Place to Austin Affordable Housing Corp.
