Cortland Scottsdale Mountain. Image courtesy of Tanbic Edgehill Centerra Apartments

Corland expands its multi-family presence in the Phoenix area with the acquisition of a 202-unit community at 11100 N 115th St. in Scottsdale, Arizona. The company acquired the apartment community for nearly $74.8 million through a partnership between Edgehill and Tanbic company. The seller was represented by Cushman and Wakefieldby David Fogler and Steven Nicoluzakis.

Cortland previously renamed the community Cortland Scottsdale Mountain, but it was originally built in 1986 and was previously known as Centerra. The previous owners also carried out extensive renovations on all 202 units as well as exterior upgrades before selling the community.

The garden-style community features one- and two-bedroom units ranging from 668 to 869 square feet. Units were built with smart thermostats, walk-in closets, and built-in washers and dryers, with some units offering ceiling fans in bedrooms and wood-burning fireplaces. Community amenities include a dog park, residents’ lounge with coffee bar, outdoor kitchen with gas grills, fitness center, yard, parcel lockers, and two swimming pools.

Located between Frank Lloyd Wright and Shea Boulevards, Cortland Scottsdale Mountain is located near the 101 Loop and major area employers like HonorHealth and Vanguard. The community is also conveniently located across from two malls anchored by a grocery store.

Expansion beyond the Phoenix market

Beyond Scottsdale, Cortland acquired two other similar communities in the Phoenix metro in October 2020. The company acquired the 415 MetroPointe apartments in Tempe, Arizona for nearly $97 million, followed by the acquisition of a 253-unit community in Phoenix a few weeks after for $117 million.

Outside of its Arizona assets, Cortland has grown into a company with regional offices in Denver, Greenwich, Connecticut, Orlando, Florida, Charlotte, North Carolina, and Dallas and Houston, Texas. The company also recently reentered suburban Washington, DC with four acquisitions totaling more than 1,500 units for more than $1.5 billion.