FPA Multifamily Sells 150-Unit Luna Fountain Hills Apartment Community in Arizona for $58.2M


Located in Fountain Hills, Ariz., Luna Fountain Hills features 150 apartments, a swimming pool, fitness center and business center.

FOUNTAIN HILLS, ARIZ. — FPA Multifamily has completed the disposition of an apartment property located at 13225 N. Fountain Hills Blvd. in Fountain Hills. A joint venture between Continental Realty Assets, a subsidiary of Denver-based Continental Realty Group, and Tokyo-based Nippon Steel Kowa Real Estate has acquired the asset for $58.2 million.

The buyer has rebranded the 150-unit property as Luna Fountain Hills and is completing modern interior renovations to the units.

Constructed in 1998 on 9.7 acres, the community features two-bedroom apartments, averaging 1,041 square feet, with semi-private entry, above-standard ceiling height, washers/dryers and private balcony/patio in select apartments. Onsite amenities include monitored security, a fitness center, business center, swimming pool, sundeck and spa. The community was formerly known as Arrive Fountain Hills.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Phoenix Multifamily Advisory Group represented the seller in the deal.

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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