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2/14/22
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A joint venture consisting of Tokyo-based Nippon Steel Kowa Real Estate Co Ltd (“NSKRE”), advised by Metzler Real Estate and Denver-based Continental Realty Assets Ltd (“CRA”), a subsidiary of Continental Realty Group, acquired Arrive Fountain Hills, a 150-unit multifamily community in the Fountain Hills submarket of Phoenix. The community, built in 1998, is located at 13225 N Fountain Hills Blvd.
As part of the business plan, the property will be re-named Luna at Fountain Hills, reflecting Fountain Hills’ designation as an International Dark Sky Community – one of only sixteen such communities in the world. CRA intends to implement a value-add program to update the unit interiors with enhancements such as solid-surface countertops, new cabinet faces and hardware, appliances, kitchen backsplash, two-tone paint, updated blinds, updated fixtures and faux wood flooring. This business plan will allow the community to offer quality housing at an affordable price relative to nearby submarkets such as Scottsdale.
The transaction was brokered by Cushman & Wakefield. A price was not immediately given out. Mark Taylor Residential was awarded the management assignment by the new ownership. This acquisition marks the first collaboration between CRA and NSKRE – the partnership is focused on acquiring core-plus multifamily communities in Phoenix.
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