Cortland Acquires Phoenix Community for $117M

StreetLights Residential and Nexpoint Advisors sold the 253-unit asset, with CBRE representing the seller.
The Angela. Image courtesy of CBRE

A partnership of StreetLights Residential and Nexpoint Advisors has sold The Angela, a 253-unit, Class A community in Phoenix for $117 million, according to Yardi Matrix. CBRE represented the seller and arranged a $64 million Fannie Mae acquisition loan on behalf of the buyer, Cortland.

Completed this year, the property comprises studio, one-, two- and three-bedroom units, with wood-style flooring, gourmet kitchens and granite countertops. Common-area amenities include a swimming pool, spa, bar, business center, library and dog park.

Located at 2727 E. Camelback Road, on 4 acres, the property is 7 miles from downtown Phoenix. The surrounding area has several retail and dining options, including, Biltmore Plaza Shopping Center, which is within walking distance of the property. Phoenix Sky Harbor International Airport is 8 miles from the asset.

CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter, Matt Pesch and Mark McFate assisted the seller, according to a statement by the brokerage. In September, Pesch brokered the sale of Solara at Mill Avenue, a 515-unit community in Tempe, Ariz. The asset traded for $77 million.