CORTLAND PARTNERS STRIKES AGAIN . . . PAYS $62 MILLION FOR 384 APARTMENTS IN MESA
Publish Date: 09-24-2018
Photo Credit: Cushman & Wakefield
Mesa – One year after the company made its first Valley multi-family investment in Glendale, Cortland Partners in Atlanta, Ga. (Steven DeFrancis, CEO) has expanded its reach to the other side of town by paying $62 million ($161,458 per unit) to purchase The District at Mountain Vista, a 384-unit apartment community located in Mesa. Kaplan Mountain Vista Apartments LP., a limited partnership formed by Kaplan Development LLC in Houston, Tex. (Michael Kaplan, Geoff Simpson, principals) and Westplan Investors in Atlanta, Ga. (Ewoud Swaak, CEO), was the seller. The transaction was brokered through Dave Fogler and Steve Nicoluzakis of Cushman & Wakefield in Phoenix and Brett Polachek, formerly of C&W, and now with ARA Newmark in Phoenix. Maricopa County records show South 105th AZ Partners LLC (Cortland entity) acquired the asset with a $40.3 million loan from W&D Interim Lender LLC, formed by Walker & Dunlop LLC in Bethesda, Md. In April 2008, BREW reported a venture formed by Kaplan Development paying $8.555 + million to buy the 19.6-acre site and planning to develop the Mesa complex. Located west of Signal Butte Road and south of Southern Avenue at 1304 S. 105th Place, the community was completed in 2009. Records show the primary owner in the recent sale was Westplan Preferred Equity Fund Management GP LLC, formed by Westplan Investors. With the acquisition, the privately-held Cortland Partners now owns 796 apartments in two multi-family assets in the Valley. One year-ago, BREW reported the company entering the Phoenix market by paying $60.545 million ($146,954 per unit) to purchase the 412-unit Arrowhead Summit apartments at 18330 N. 79th Avenue in Glendale. Cortland Communities owns and operates more than 45,000 apartment units in 138 properties spread across 11 states. The company, owners of both conventional and senior housing projects, is looking to buy more apartments in the Phoenix area, as well as other select markets in the U.S. Since its inception in 1995, Westplan Investors has invested $2 billion in real estate, primarily in the multi-family sector. Over the past 20 years, BREW has reported Kaplan developing 611 apartments in two Valley projects, and planning another 962 units in three other Phoenix-area communities. Find out more from Cortland Partners chief investment officer Mike Altman at (404) 591-3587. Talk to Jerry Davis of Kaplan Development’s southwest region at (949) 230-6681. Reach Swaak of Westplan Investors at (770) 390-9378. Contact Fogler and Nicoluzakis at (602) 954-9000. Call Polachek at (602) 952-3833.
Business Real Estate Weekly, Inc. is the publisher of Business Real Estate Weekly (BREW), a tip sheet newsletter that covers business and real estate activity in Arizona. Founded in 1995, BREW is a weekly publication focusing on new residential and commercial developments, the sale of income-producing properties and businesses relocating or expanding in Arizona. For those looking to have cutting edge information at their fingertips, BREW is the publication business professionals use to get the latest in commercial and residential real estate news in Arizona. Known for it's accurate, timely and independently researched information, BREW has been called "The Bible" for its detailed, first hand reporting on business and real estate deals in Arizona. With more than 23 years of stories and news items in our archives, Business Real Estate Weekly has the longest period of chronicled history of all business and real estate news sources in the Valley. With the newly-added multiple search capabilities in our archives, BREW is a must have for anyone researching real estate in Arizona or simply following the market.