Los Angeles Angels owner Arte Moreno paid $125 million for the Cortland Biltmore, nearly $500,000 per unit. Moreno has a history of purchasing real estate in the area. Moreno recently bought a 12-acre office complex in the Biltmore area for $60 million. The Phoenix Business Journal reports he also paid $24.5 million for a 21-acre lot in Gilbert in April 2025 and $11 million for a 1.47-acre parcel near Camelback Road and 44th Street in September 2025. He owns a Biltmore residence.

Cortland built the apartment complex in 2019. The company has 239 assets under management, which amounts to 76,000 units in 25 markets.

Arte Moreno became a billionaire by building and selling the billboard advertising company 
Outdoor Systems in the 1980s and 90s, which he sold to Infinity Broadcasting in 1999 for over $8 billion. He acquired the then-called Anaheim Angels baseball team in 2003, a team he still owns today.

On April 8^th, join the leaders from Porter Kyle, Asset Living, National Bank of AZ, Thorofare Capital, Mark-Taylor Companies, Walton Global, Dekker Design, Marcus & Millichap Capital Corporation, Zonda Advisory, and more for a focused look at where multifamily, SFR, and BTR are headed in Greater Phoenix.

Register to attend: www.ConnectPHXMF2026.com | Connect Phoenix Multifamily, SFR & BTR Wednesday, April 8^th at The Westin Kierland Resort & Spa, Scottsdale.