Los Angeles Angels owner Arte Moreno has acquired the Cortland Biltmore luxury rental community in Phoenix for $125 million. The purchase price equates to nearly $500,000 per unit, underscoring the premium being paid for recently built multifamily assets in the area. The transaction adds another significant real estate holding to Moreno’s growing presence in and around Phoenix.
Moreno has been an active buyer in the Biltmore and greater Phoenix market in recent years. According to prior reporting, he recently acquired a 12-acre office complex in the Biltmore area for $60 million, further consolidating his exposure to this submarket. The Cortland Biltmore acquisition follows those earlier moves and comes alongside additional land and parcel purchases elsewhere in the region.
The Phoenix Business Journal reports that Moreno also paid $24.5 million for a 21-acre lot in Gilbert in April 2025. Later that year, in September 2025, he acquired a 1.47-acre parcel near Camelback Road and 44th Street for $11 million. In addition to these investment properties, he owns a residence in the Biltmore area, indicating a personal and financial commitment to the neighborhood and its long-term prospects.
The Cortland Biltmore apartment community was built by Cortland in 2019, positioning the asset as relatively new product within Phoenix’s multifamily inventory. Cortland, a multifamily specialist, has assembled a sizable national footprint. The company reports 239 assets under management, totaling approximately 76,000 units across 25 markets. The Cortland Biltmore development adds to that portfolio of professionally managed, institutionally scaled apartment properties.
Beyond real estate, Moreno’s primary business background is in advertising and professional sports. He built the billboard advertising company Outdoor Systems during the 1980s and 1990s, ultimately selling the firm to Infinity Broadcasting in 1999 for more than $8 billion. In 2003, he acquired the then-called Anaheim Angels Major League Baseball franchise, a team he continues to own. His expanding real estate investments in Phoenix and surrounding communities represent a notable diversification of his holdings into income-producing property and land in one of the Southwest’s key growth markets.
