Cortland Buys Phoenix Community for $62M

Walker & Dunlop originated a nearly $55 million, 10-year acquisition mortgage through Freddie Mac for the 368-unit Class A property.
Courtney Village at Papago Park

Continental Realty Advisors and Capital Real Estate have sold Courtney Village at Papago Park, a 368-unit luxury community in Phoenix, for $62.3 million, according to Yardi Matrix. The buyer, Cortland, financed the acquisition with a 10-year, $54.9 million Freddie Mac mortgage originated by Walker & Dunlop.

The community last changed hands in late 2016, when the joint venture paid $45.5 million to Passco Cos. for the Class A property.

Located at 4848 E. Roosevelt St. in the Central East Phoenix submarket, the garden-style community’s 34 buildings are less than 8 miles east of the city’s downtown. The property is a stone’s throw from the intersection of the Hohokam Expressway and the Red Mountain Freeway. Per Yardi Matrix data, Courtney Village is within 1 mile of more than 2.2 million square feet of office space.

The community contains a mix of one-, two- and three-bedroom apartments, with unit floorplans between 804 and 1,295 square feet. Property amenities include two swimming pools, a fitness center, a business center, a basketball court, a volleyball court and covered parking options. As of February, the asset was 95.9 percent occupied, per data from Yardi Matrix.

Image courtesy of Yardi Matrix