Billionaire Angels owner Arte Moreno pays $125M in cash for Biltmore luxury apartments

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.

Negotiating that transaction was CBRE’s Asher Gunter, Matt Pesch and Austin Groen.

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.

This story is posted in partnership with Phoenix Business Journal. Click to read the full story.

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