Arte Moreno pays $125M in cash for Biltmore luxury apartments — highest price so far this year

Article originally posted on Phoenix Business Journal on March 26, 2026

An entity tracing to billionaire Arte Moreno plopped down $125 million in cash for a luxury apartment community in the Biltmore area of Phoenix — the most expensive apartment property to sell so far this year.

2727 LLC bought Cortland Biltmore from an entity tracing to Cortland Partners, which built the luxury community at 2727 E. Camelback Road in 2019, according to Tempe-based real estate database Vizzda LLC.

The Los Angeles Angels owner has been busy gobbling up land across the metro, paying $24.5 million for a 21-acre lot in Gilbert in April 2025 and paying $11 million for a 1.47-acre parcel near Camelback Road and 44th Street in September 2025.

A year earlier, he had paid $60 million to buy an office complex behind his Biltmore Estates mansion that killed a proposed development of a luxury apartment community on a portion of the 12-acre site.

With a net worth of $5 billion, Moreno ranks as the fifth richest Arizona resident, according to the most recent Forbes data. His global ranking is No. 852.

Moreno did not immediately respond to requests for comment.

His latest $125 million cash purchase of Cortland Biltmore is the second luxury property to sell for over $100 million so far this year in metro Phoenix. The property ranked No. 14 on Phoenix Business Journal’s list of most expensive one-bedroom apartment units.

On Jan. 22, Los Angeles-based Stockdale Capital Partners paid $110.25 million for Avant at Fashion Center in Chandler. On that same day, Biltmore at Camelback sold for $97.35 million.

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