PHOENIX — FPA Multifamily has purchased the 552-unit Pinnacle South Mountain apartment community in Phoenix for $63 million. The community is located at 5151 E. Guadalupe Road.
Pinnacle is situated near the 16,000-acre South Mountain Park, which offers hiking and biking trails. It is also near the Ahwatukee Foothills Town Center. The community was developed in two phases in 1995 and 1997.
Common-area amenities include four resort-style swimming pools with spas and poolside cabanas, two 24-hour fitness centers, a resident business center with conference room, sport courts, and barbecue and picnic areas.
The seller was Essex Property Trust. The transaction was executed by Sean Cunningham, Tyler Anderson, Asher Gunter and Matt Pesch of CBRE’s Phoenix office.