Cortland Sells Houston Portfolio
- Nov 04, 2019
American Landmark Apartments has purchased a two-property portfolio in the Houston area from Cortland. Harris County records show Israel Discount Bank of New York originated a $24.4 million acquisition loan for the 250-unit Harbor View Apartments in Kingwood, Texas, and $26.3 million in financing for the 234-unit Newport on the Lake in Houston.
The acquisitions build on American Landmark’s momentum from last Spring and brings the company’s Texas portfolio to 38 assets. Additionally, the properties will undergo a combined $5.9 million in capital improvements.
Located at 4855 Magnolia Cove Drive, Harbor View is 7 miles from Interstate 69 and 28 miles north of downtown Houston. Completed in 2010, the community comprises one-, two- and three-bedroom apartments in a four-story building. Common-area amenities include a dog park, pool, clubhouse and fitness center. Yardi Matrix data shows the asset was 96.8 percent occupied, as of September. The property will be rebranded as The JaXon.
Newport on the Lake is situated at 1895 Barker Cypress Road, is adjacent to Bear Creek Pioneers Park, 2 miles from Interstate 10 and roughly 22 miles west of downtown Houston. The property consists of one, two- and three-bedroom apartments in 16 two- and three-story buildings completed in 2008. The new owner intends to rename the asset Lakefront Villas. Common-area amenities include a swimming pool with heated spa, outdoor fire pit, poolside gas grill and clubhouse. As of September, the asset was 95.3 percent occupied, according to Yardi Matrix information.