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May 20, 2024
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Cortland Pays $74.75 Mil for 202-Unit Res Property in Scottsdale, AZ


Atlanta-based Cortland paid $74.75 mil for Centerra, a renovated 202-unit ($370k/unit) apartment community in Scottsdale, AZ. Built in 1986, the property was sold by a partnership between Edgehill and The Tanbic Company.

Centerra is a garden-style, two- and three-story community featuring a mix of one- and two-bedroom/two bath units with washers and dryers. Centerra also features an on-site fitness center, pool and spa, fire pit and barbecue area, and Wi-Fi in common areas. The seller completed extensive renovations on all 202 units along with exterior improvements prior to the sale to create a high quality, affordable community in the desirable North Scottsdale area.

Located at 11100 N 115th St, near Frank Lloyd Wright and Shea boulevards, the property provides residents easy access to an abundance of nearby amenities, including two grocery-anchored shopping centers right across the street, as well as recreational activities.

David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.

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