Cortland Partners LLC has recently acquired a 26-story luxury apartment tower located at 1900 McKinney Ave in Dallas. According to the Dallas Business Journal, the purchase price was not disclosed, but Cortland secured a $57.4 million loan from New York-based KCore Lending I LP.
The property has been rebranded as Cortland on McKinney and is now under new management by Cortland. Ongoing renovations are being done to the unit interiors and will continue with the new management in place. The rent for these high-end units ranges from $2,500 to $5,600.
The previous owner of this property was an affiliate of MetLife Real Estate Investors who purchased it back in 2013. This high-rise building was originally constructed by Houston-based Hanover Co. in 2008 and features amenities such as a rooftop pool, fitness center, and seven-level parking garage.
This recent acquisition showcases Cortland’s continued growth within the real estate market as they expand their portfolio with premium properties like this one on McKinney Avenue.
