Cortland has sold Adair Onion Creek, a 276-unit community in Austin, Texas. Bader acquired the property, backed by a Mesa West Capital debt fund.
The asset entered into Cortland’s ownership after the company acquired Pure Multi-Family REIT in 2019. The all-cash transaction was valued at $1.2 billion, including net debt.
The community comprises 10 three-story buildings encompassing one- to three-bedroom floorplans that average 828 square feet. Amenities consist of a swimming pool, theater room, gym and business center, among other features.
Located on nearly 14 acres at 1900 Onion Creek Parkway, the 2016-completed property is just off Interstate 35 within the Onion Creek neighborhood, about 12 miles southwest of downtown Austin.
Bader executes opportunistic acquisitions across recovering markets, targeting properties where physical upgrades to units and common areas may boost rental returns.
While the Austin multifamily transaction volume witnessed a resurgence in 2025, with the figure up 41.5 percent from 2024, the activity remained below historical averages. Sales reached $1.3 billion, below the decade’s annual average of $1.7 billion.
Cortland was founded in 2005 with a focus on multifamily development in Atlanta. During the economic downturn in 2008, we decided to shift our focus from developing communities to acquiring and renovating existing multifamily communities – all with a vision to challenge the conventions of the traditional multifamily industry through better living spaces and experiences. By 2011, we owned and managed 5,000 apartment homes and meaningfully accelerated our plans to build a company that could deliver unique value to both our residents and partners.
