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Cortland Claims Tempe’s MetroPointe Apartments for Nearly $100M
MetroPointe Apartments, a 415-unit multifamily property in Tempe, sold for $96.75 million. The buyer was Atlanta-based Cortland while the seller was Rockwood Capital, in a transaction that works out to roughly $233,133-per-unit.
Built in 2009, MetroPointe is a three-story controlled-access community at 7017 S. Priest Dr. The asset has one-, two- and three-bedroom apartment homes with two swimming pools and a spa.
Institutional Property Advisors’ (IPA), a division of Marcus & Millichap, Steve Gebing and Cliff David represented the seller and procured the buyer.
Gebing says, “Attracted by Phoenix’s business-friendly environment, companies continue to relocate to the MSA to participate in one of the nation’s fastest-growing economies. Capital is flowing into the apartment sector, and the East Valley’s concentration of information technology, finance, and healthcare companies make it a particularly strong draw for institutional capital.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

