Atlanta-based Cortland has acquired the 374-unit Tradewinds at Willowbrook apartments as part of its continued expansion in the Houston market.
The northwest Houston complex, acquired from Olympus Property, will be rebranded under the Cortland name and marketed with a similar neighboring property.
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.
The purchase represents Cortland’s strategy of investing in larger complexes, and sometimes pairing them with nearby properties, to increase operational efficiencies.
In October, Cortland acquired the 324-unit Luxe Shadow Creek Ranch in Pearland. The recently built complex, purchased from Davis Development, is across the street from its Avion Shadow Creek Ranch.