AUSTIN—Atlanta-based Cortland Partners has entered the Austin market with the acquisition of City View Apartments, a 308-unit community near the CBD.

“Cortland is confident that Austin's meteoric rise will, in fact, continue,” Mike Altman, chief information officer at Cortland, told GlobeSt.com. “It is a celebrated place where millennials want to live and businesses are relocating.”

Cortland Partners has been seeking the right opportunity to expand its Texas portfolio in this market. The company currently has regional offices in both Dallas and Houston and owns ten apartment communities in the Dallas-Fort Worth area, six in Housto, and three in San Antonio.

 “The Austin market has seen significant demand for new multifamily product during the past five years,” says Steven DeFrancis, CEO of Cortland Partners. “The city continues to attract new residents, jobs and economic growth, resulting in increased demand and continued low vacancy. Cortland Partners has a unique capability to revitalize current multifamily offerings in the Austin market to better meet this demand.”

City View Apartments is located in Austin's southeast submarket at 4900 East Oltorf Drive. The acquisition represents a renovation opportunity, in line with the firm's value-add focus of acquiring and renovating existing communities in high-growth markets. 

“Our newly renovated product rivals that of newer developed product.” DeFrancis says. “Furthermore, land prices and construction costs remain elevated, making it much more difficult to meet the current rental demand through new construction alone. This lack of anticipated new construction combined with the city's growth and our renovation capabilities make Austin a great long-term market for Cortland Partners.”