Large apartment community in Scottsdale sells for $75M
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Compiled by Matt Loeschman
SCOTTSDALE — Cushman & Wakefield announced Thursday the firm has advised Tanbic Edgehill Centerra Aprtments, LLC in the disposition of Centerra, a renovated 202-unit apartment community in Scottsdale.
The asset was acquired by an entity formed by Atlanta-based Cortland for $74.75 million.
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.
Originally built in 1986, the seller, a partnership between Edgehill and The Tanbic Company, completed extensive renovations on all 202 units along with exterior improvements prior to the sale to create a high quality, affordable community in the North Scottsdale area.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
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.
Centerra also features an on-site fitness center, pool and spa, fire pit and barbecue area and Wi-Fi in common areas.
