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PHOENIX – The 224-unit Fountain Oaks apartment community in Phoenix has sold to Summit Equity Investments for $8.3 million. The property, located at 1225 N. 40th Street, was built in 1983 and consists of about 158,814 square feet. Summit Equity represented itself in this transaction. Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office represented the seller.