Bader, Cortland Agree to Terms on Austin Apartment Deal
Cortland sold a 276-unit apartment complex in Austin to Minnesota-based Bader. Mesa West Capital funded the deal on behalf of Bader.
Commercial Search reports that Cortland acquired the asset, Adair Onion Creek, in 2019, following its acquisition of Pure Multi-Family REIT.
The community comprises 10 three-story buildings encompassing one- to three-bedroom floorplans that average 828 square feet. Amenities consist of a swimming pool, theater room, gym and business center, among other features.
Located on nearly 14 acres at 1900 Onion Creek Parkway, the 2016-delivered property is off Interstate 35 within the Onion Creek neighborhood, about 12 miles southwest of downtown Austin.
Bader targets value-add opportunities, where physical upgrades to units and common areas may boost rental returns. The firm recently upped its Texas holdings by acquiring Markethaus 3700 in Plano, Texas.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout