Cortland Acquires River Oaks Complex (July 7, 2024)

Atlanta-based Cortland has purchased the Villas at River Oaks, a 288-unit apartment complex in Houston, from Heitman. The buyer is renaming the community Cortland River Oaks.

The Cortland River Oaks apartment complex.

The complex offers one- and two-bedroom apartments ranging from 625 sq. ft. to 1,200 sq. ft. Amenities include a two-story clubhouse, fitness center, pool with lounge area and community garden.

Cortland, a multifamily real estate investment, development and management company, now owns and operates 17 assets in Houston and 68 assets across Texas.

“We are excited to expand our presence in Houston in the prestigious River Oaks neighborhood,” Kyle Bateh, co-portfolio manager and executive vice president of investments for Cortland, said in a statement. “We believe the area has broad appeal and is an ideal location for young families and singles. We are seeing favorable momentum throughout Texas and plan to continue investing in the market.”

PEOPLE

First America Homes, the homebuilding division of The Signorelli Co., has promoted Victoria Reyes to regional sales manager. In this role, she will oversee sales operations for 12 communities in the northwest Houston area.

Reyes has over 20 years of experience in new home sales. She was previously a sales agent for First America Homes.

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Joan Collum has joined Partners Real Estate as an associate in the Houston office. Collum is a broker specializing in retail leasing and tenant representation.

She began her career in 1984, working for WNS and Pier 1 Imports before transitioning to tenant representation brokerage in 1994. She has represented brands such as Michaels, Pier 1 Imports, Applebee’s, La Madeleine and Popeyes in the Houston market. She continues to represent Office Depot and Floor & Décor.

Collum also manages leasing for his own projects, including Seguin Marketplace, 1242 Witte Road in Houston and Tomball Marketplace.

SALES

Courtesy of Colliers/Barkley Peschel

1631 Cottonwood School Road in Roesnberg

Red Consultants purchased a 23,000-square-foot industrial building at 1631 Cottonwood School Road in Rosenberg. Joseph Sturek of First Houston Properties represented the buyer. Barkley Peschel of Colliers represented the seller, Universal Rectifiers.

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K. Hovnanian Homes has acquired 19.2 acres off State Highway 105 on Lone Star Parkway in Montgomery. The land will be used for the next phase of K. Hovnanian Homes’ The Hills of Town Creek subdivision.

Josh Cheatham and David Alexander of Newcor Commercial Real Estate orchestrated the deal between buyer and seller.

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Lilly Golden of Evergreen Commercial Realty helped a buyer purchase a 384,000-square-foot building on 19 acres at the northwest corner of Cypresswood Drive and Holzwarth Road in Spring. The building is available for lease and could be suitable for retail, industrial, medical or entertainment users. Ceilings range from 14 to 21 feet high and the building has a high loading dock. Evergreen is leasing the property for the buyer.

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Hunter Stockard and Wyatt Huff of Partners Real Estate represented the seller, BC Real Estate Investments LLC, in the sale of a 33,000-square-foot industrial property on 2.7 acres at 7633 Cherokee St. in Katy. Jeff Peltier and Ben Condara of Colliers represented the buyer.

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10899 Kinghurst Drive in Houston.

Partners Capital has disposed of 10849 and 10899 Kinghurst Drive in Houston, its first sale from its Investment Fund IV portfolio. Partners Capital acquired the 52.8K SF industrial/flex property in September 2022. The property was 100% leased at the time of sale.

“We are delighted to announce another successful full-cycle investment for our investors,” Andrew Pappas, Chairman of Partners Capital, said in a statement. “At Kinghurst, we have executed key capital projects and significantly improved the rental register. This has proven to be an exceptional investment, and we remain enthusiastic about the remaining assets in Fund IV.”

The all-brick facility was built in 1981 and consists of two small light industrial buildings with offices in the front and warehouses and loading areas in the rear.

Jason Scholtz and Jason Tangen of Colliers represented Partners Capital in the transaction.

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Progan US purchased 108.6K square feet of industrial buildings on 7 acres at 14830 Talcott St. in Houston. Devon Gasaway and Peyton Easley of Titan Commercial represented the buyer.

Mary Jo Giammalva of JPR Commercial Real Estate represented the seller, Southern Gulf Packaging & Logistics LLC.

LEASES

AA Gymnastics Academy has leased 10.4K sq. ft. at the Baywood Plaza shopping center at 3226 FM 528 in Friendswood. Kelly Hutchinson of Colliers represented the landlord, MDDS Properties. AA Gymnastics Academy has been in the Friendswood community for 33 years and the new location will provide more space.

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Newcor fully leased its Piney Woods business park within three months of receiving the certificate of occupancy in April. The multi-tenant industrial park located at 4033 Kreinhop Road in Spring has seven suites ranging from 3,600 sq. ft. to 10,800 sq. ft. David Alexander negotiated all leases.

FUNDING

Hunt Capital Partners and Oaklake Community Houston Development Corp. have closed $13.2 million in financing in federal low-income housing tax credits for Oaks Loft Crossing, a 60-unit affordable housing development in Stafford for eligible senior households.

Hunt Capital Partners syndicated the LIHTCs through one of its multi-investor funds. Lenders include Amegy Bank, which will provide $10.5 million in construction financing, and Legacy Bank and Trust, which will provide $2.6 million in permanent financing.

Oaklake Development LLC will develop Oak Lofts, and Cross Architects PLLC will be the architect. Houston-based Nations Construction LLC will be the builder and contractor, and local nonprofit Texas Inter-Faith Management Corp. will be the property manager. Portfolio Resident Services Inc., a nonprofit social services provider for Inter-Faith Group, will accommodate senior residents with educational, nutritional and recreational activities.