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Cortland Divests Luxury Apartments in East Riverside

Newmark arranged the sale of The Aspect by Cortland, a 308-unit luxury multifamily in the East Riverside district of Austin near downtown. The property sold for an undisclosed price.

Vice chairman Patton Jones represented the seller, Atlanta-based Cortland. The Aspect by Cortland traded to CAF Capital Partners, a Dallas-based private equity real estate firm focused on institutional-quality multifamily assets.

“The Aspect by Cortland is surrounded by the fast-growing East Riverside district, anchored by the massive Oracle lakefront campus and close to downtown Austin,” said Jones.

He continued, “Additionally, Tesla recently announced they will be constructing a $1.1-billion Gigafactory, located just six miles from the property. The proximity to major employment, entertainment, recreation and Bergstrom Airport is attractive to investors and tenants alike.”

According to Newmark Research, Austin ranked in the top 10 nationally for rent and inventory growth, along with first in employment and population growth over the past decade.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition