Cortland Acquires Arizona Community for $97M
Responding to a growing local economy, Cortland has purchased MetroPointe Apartments in Tempe, Ariz., for $96.8 million. Steve Gebing and Cliff David from Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Rockwood Capital, and procured the buyer.
The 415-unit community located at 7017 S. Priest Drive was built in 2009 and includes studios, one-, two- and three-bedroom apartments starting at 530 square feet. The units come with in-unit washer/dryers and patio/balconies while the property’s amenities include two swimming pools, private garages, a heated spa, outdoor lounge, resident clubhouse, fitness center, volleyball court, coffee bar, dog park, and business center. The three-story property has attracted a 95.7 percent occupancy rate, according to Yardi Matrix data.