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3/18/22
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A joint venture of Continental Realty Assets and Tokyo-based Nippon Steel Kowa Real Estate has acquired a 150-unit apartment community in the town of Fountain Hills, AZ for $58.25 mil ($388.3k/unit). Formerly known as Arrive Fountain Hills, the nine-building community is being rebranded as Luna Fountain Hills. The buyer is also completing modern interior renovations to the units.
Built in 1998, the community offers two-bedroom apartments averaging 1k sf, 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.
The buyer is a subsidiary of Denver-CO-based Continental Realty Group. David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
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