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December 11, 2019
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TEXAS/SOUTHWEST NEWS
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AZ Res Property Trades for $30 Mil

7/02/19

Ridge View, a 150-unit luxury apartment community in Fountain Hills, AZ, was acquired by an entity formed by San Francisco-based FPA Multifamily LLC for $30.3 mil, or $202k/unit. The property was sold by San Francisco-based 29th Street Capital and Phoenix-based Clear Sky Capital.

Ridge View is a recently renovated, garden-style community featuring a mix of large two-bedroom floor plans. Unit interiors, many of which have been recently upgraded, offer full-size washer/dryers, 9-foot ceilings, custom two-tone paint, gourmet kitchens, granite countertops, black or stainless steel appliances, kitchen islands, walk-in closets, wood-style plank flooring, ceiling fans, bathroom vanities and private patios/balconies.

Renovations and improvements were also completed to the common area amenities, landscaping and building exterior providing residents a newly renovated swimming pool, spa, outdoor fire pit, gas and charcoal BBQ grills, clubhouse, business/computer center, fitness center and covered parking.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the deal.






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