Cortland Partners Takes First Step
- Sep 25, 2015
With 10 apartment communities in the Dallas-Fort Worth area, six in Houston, and three in San Antonio, Cortland Partners has been looking to add Austin to its roster of major Texas markets. The diversified Atlanta-based firm has just made its local debut with the acquisition of City View Apartments, a multifamily community located in the Southeast submarket.
“The Austin market has seen significant demand for new multifamily product during the past five years,” Steven DeFrancis, CEO of Cortland Partners, said in a statement. “The city continues to attract new residents, jobs and economic growth, resulting in increased demand and continued low vacancy.” Terms of the transaction were not disclosed.
Located at 4900 Oltorf Drive, City View Apartments is in a neighborhood revitalized by young professionals drawn to abundant choices of restaurants, bars, and coffee shops; recreational opportunities offered by Lady Bird Lake and other attractions; and proximity to the city’s downtown.
The 308-unit community offers one-, two-, and three-bedroom apartments ranging in size from 679 square feet to 1,386 square feet. Amenities include carports and detached garages, landscaped grounds, fitness center, club room with large screen TV, fireplace and lounge, DVD library and billiards, business center, resort-style pool, outdoor gas fireplace, grills and Wi-Fi, 24-hour laundry facility, and café-style complimentary coffee bar.
“Furthermore, land prices and construction costs remain elevated, making it much more difficult to meet the current rental demand through new construction alone,” DeFrancis added. ”This lack of anticipated new construction combined with the city’s growth and our renovation capabilities make Austin a great long-term market for Cortland Partners.”
Image courtesy of City View Apartments