Cortland Acquires Scottsdale Community for $75M
The firm bought the garden-style community from a partnership between Edgehill and Tanbic Co., which renovated the property extensively.
Cortland Scottsdale Mountain. Image courtesy of Tanbic Edgehill Centerra Apartments
Cortland is expanding its multifamily presence in the Phoenix area with the acquisition of a 202-unit community at 11100 N 115th St. in Scottsdale, Ariz. The firm acquired the apartment community for nearly $74.8 million from a partnership between Edgehill and The Tanbic Co. The seller was represented by Cushman & Wakefield’s David Fogler and Steven Nicoluzakis.
Cortland has already renamed the community Cortland Scottsdale Mountain, but it was originally built in 1986 and previously known as Centerra. The former owners also completed extensive renovations on all 202 units along with exterior improvements prior to selling the community.
The garden-style community has one- and two-bedroom units ranging from 668 to 869 square feet. The units were built with smart thermostats, walk-in closets and in-unit washer and dryers, with select units offering bedroom ceiling fans and wood-burning fireplaces. The community’s amenities include a dog park, resident lounge with a coffee bar, outdoor kitchen with gas grills, fitness center, courtyard, package lockers and two pools.
Located between Frank Lloyd Wright and Shea Boulevards, Cortland Scottsdale Mountain is situated near Loop 101 and major area employers like HonorHealth and Vanguard. The community is also conveniently located across the street from two grocery-anchored shopping centers.
Expanding Past the Phoenix Market
Beyond Scottsdale, Cortland acquired two other similar communities in the Phoenix metro in October 2020. The firm acquired the 415-unit MetroPointe Apartments in Tempe, Ariz., for nearly $97 million, followed by the acquisition of a 253-unit community in Phoenix a few weeks after for $117 million.
Outside of its Arizona assets, Cortland has grown into a firm with regional offices in Denver, Greenwich, Conn., Orlando, Fla., Charlotte, N.C., and Dallas and Houston, Texas. The firm also recently re-entered the suburbs of Washington, D.C. with four acquisitions totaling more than 1,500 units for more than $1.5 billion.
