Terms of the deal were not disclosed. Houston-area apartment properties sold for an average of $108,640 per unit in 2018, according to estimates by commercial real estate firm Marcus & Millichap.
“We are planning to completely redo the kitchens and baths as well as update the clubhouse and share amenities with the Lighthouse at Willowbrook, which we bought last year,” said Ted Collie, Cortland’s executive vice president of investments.
Built in 2007 at 12331 North Gessner Road, near Beltway 8 and Texas 249, Tradewinds at Willowbrook has larger floorplans that were popular among builders a decade ago, Collie said. The average unit contains 920 square feet, with the two bedroom units averaging around 1,200 square feet. The property has patios and balconies, a fitness center, and a resort-style pool with outdoor kitchen.
Cortland offers a variety of rental rates, a 48-hour service guaranty and facilitates moves between apartments, waiving a number of fees if a renter breaks a lease to move to a different Cortland property.
“We like Houston long-term, which is why we invest in deals on a 10-year horizon,” Collie said.
Publication: Houston Chronicle