Cortland development group adds apartment community to portfolio
Staff Reports | Digital Free Press
Cushman & Wakefield played the role of advisor to Tanbic Edgehill Centerra Apartments, LLC in the final sale of Centerra, 11100 N 115th St., a renovated 202-unit apartment community in Scottsdale.
The real property asset was acquired by the entity formed by Atlanta-based Cortland for $74.75 million, according to a press release.
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 coveted north Scottsdale area, the release states.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s multifamily advisory group in Phoenix represented the seller in the transaction.
Found along 115th Street at Frank Lloyd Wright and Shea boulevards, the property provides residents easy access to an abundance of nearby amenities, including two grocery-anchored shopping centers and recreational activities.
The Centerra community features an on-site fitness center, pool and spa, fire pit and barbecue area, and Wi-Fi in common areas, the release states.
