Asset and Investment Summary
At the time of purchase in March 2019, Cortland North Plano (formerly known as Bella Vida Estates) was a 20-year-old, outdated, garden-style property on a 32-acre site in the Northern Dallas suburbs. The asset was a class-B property located in what was evolving into a class-A submarket with robust job growth and the top tier Frisco ISD school system. With large units, a family-centric amenity set, and low-density setting, Cortland viewed the asset as an attractive alternative to the area’s high priced single-family housing.
Business Plan
Cortland North Plano was underwritten as a full value-add renovation, including unit interiors, exteriors, and amenity upgrades. The clubhouse exterior was entirely renovated and redesigned for a more approachable and modern aesthetic along with adding the "Cortland" brand to leverage our perceived growing market presence.
Amenity Renovations
The asset featured a large 2-story clubhouse which housed the leasing center and main resident amenity hub. It originally featured a 'beach' or 'island' theme which was replaced with a more neutral color palette to create a broader appeal and better fit within the surrounding Dallas suburbs. Cortland also performed a complete remodel of the asset's spacious fitness center including a new paint scheme, flooring, and adding updated equipment.
Pool Renovation
Cortland’s remodel of the pool area focused on reconfiguring the area to allow for maximum capacity to enhance usage and resident engagement. A large fountain, which would have created increased capex risk and future maintenance, was removed and replaced with a large cabana complete with new outdoor seating and a large TV.
Interior Unit Renovations
The original interiors had a mix of four different product offerings, which was challenging for leasing associates, often leading to inaccurate pricing. Cortland streamlined all units into one renovation scheme to create a consistent product offering for prospects and to permit more accurate market pricing. Upgrades included modern paint throughout, new vinyl plank flooring, granite countertops, a new Samsung stainless steel appliance package, designer lighting and fixtures, and Nest™ thermostats.
