Cushman & Wakefield announced the firm has advised FPA Multifamily in the disposition of a 150-unit apartment community in the town of Fountain Hills (Phoenix), Arizona. Formerly known as Arrive Fountain Hills, the nine-building asset was acquired by the joint venture of Continental Realty Assets, a subsidiary of Denver-CO-based Continental Realty Group, and Tokyo-based Nippon Steel Kowa Real Estate for $58.25 million.
Since the acquisition, the buyer has rebranded the community as Luna Fountain Hills. The buyer is also completing modern interior renovations to the units.David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction. Located at 13225 North Fountain Hills Blvd, the property was constructed in 1998 and is situated on ±9.7 acres. The community offers two-bedroom apartments averaging 1,041 square feet, with units featuring semi-private entry, above-standard ceiling height, washer/dryer, and private balcony/patio in select apartments. On-site amenities include monitored security, fitness center, business center, swimming pool, sundeck and a spa.