Cortland acquired the 374-unit The Tradewinds at Willowbrook
HOUSTON (May 14, 2019) – Berkadia announces it has arranged the sale of The Tradewinds at Willowbrook, a 374-unit multifamily property located in northwest Houston. Senior Managing Director Ryan Epstein and Director Jennifer Ray of Berkadia’s Houston office arranged the sale on behalf of Olympus Property of Fort Worth, Texas. The buyer is Cortland, a multifamily owner/operator based in Atlanta, Georgia.
“Tradewinds at Willowbrook presented an exceptional value-add investment opportunity in a market where underlying fundamentals are excellent,” said Epstein. “The Houston market as a whole has seen strong absorption and limited new supply in recent years, combined with considerable job growth. In the area where Tradewinds is located in particular, there are currently no comparable properties in lease-up or new projects under development, so with the appropriate capital improvements, the new owner could realize significant rent growth and return on investment.”
Built in 2007, Tradewinds at Willowbrook is located at 12331 North Gessner Road and consists of 14 three-story buildings. The property offers spacious one, two- and three-bedroom floor plans averaging 920 square feet. Some units include wood floors, spacious patios, fireplaces, or vaulted ceilings. Community amenities include a resort-style pool with Wi-Fi, a jogging and fitness trail, private detached/attached garages, an executive business center and state-of-the-art fitness center, and a picnic area with gas grills and lake views.
Located close to the Vintage Park master-planned community in Houston, Tradewinds at Willowbrook is located near Beltway 8 and Texas 249, within a few miles of major employers that provide more than 26,300 jobs to the immediate area.