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At the time of purchase in March 2019, Cortland North Plano (formerly known as Bella Vida Estates) was a 20-year-old, outdated, garden-style property on a 32-acre site in the Northern Dallas suburbs.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.
CASE STUDY DISCLAIMER:
The selected investments have been included for illustrative purposes only, and have been selected in order to provide examples of the types of investments made by Cortland implementing various Cortland investment strategies and not on any performance-based criteria. The case studies do not purport to be a complete list of all investments made by Cortland executing similar strategies, and the investment examples selected do not represent all holdings purchased, sold, or recommended by Cortland exhibiting a similar strategy, nor indicative of how the same investment would perform if purchased today or at any other time than depicted. Investments following a similar strategy executed over the same time period may have performed better and worse than the example shown. Multiple factors may influence the performance of the investment, including, without limitation, the timing of the applicable investment. The qualitative and performance results depicted in this presentation are limited to the asset shown, purchased at the time the relevant asset was acquired, and implementing the strategy at a cost basis that was indicative of costs of goods and labor at the time of the execution of the strategy, and are not intended to evidence the performance of an investment made today or at any point in the future. Past performance is not indicative of future results.
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