Business

Scottsdale apartment community sells for $74 million

Atlanta-based Cortland acquires recently renovated property

Posted 6/16/22

Cushman & Wakefield announced the firm has advised Tanbic Edgehill Centerra Apartments in the disposition of Centerra, a renovated 202-unit apartment community in Scottsdale.

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Business

Scottsdale apartment community sells for $74 million

Atlanta-based Cortland acquires recently renovated property

Posted

Cushman & Wakefield announced the firm has advised Tanbic Edgehill Centerra Apartments in the disposition of Centerra, a renovated 202-unit apartment community in Scottsdale.

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. The asset was acquired by an entity formed by Atlanta-based Cortland for $74.75 million.

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 desirable 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., 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.

Cushman & Wakefield, Tanbic Edgehill Centerra Apartments, apartments, renovation