SCOTTSDALE, ARIZ. — An entity formed by Atlanta-based Cortland has purchased Centerra, a renovated multifamily property located at 11100 N. 115th in Scottsdale. Tanbic Edgehill Centerra Aprtments LLC, a partnership between Edgehill and The Tanbic Co., sold the asset for $74.7 million.
Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom units with washers and dryers. Community amenities include an onsite fitness center, pool, spa, fire pit, barbecue area and Wi-Fi in the common areas. The property underwent extensive renovations on all 202 units along with exterior improvements prior to the sale.
David Folger and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.