San Francisco Investor Purchases Fountain Hills Apartments for $30.3 Million

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PHOENIX, Arizona – On behalf of San Francisco-based 29th Street Capital and Phoenix-based Clear Sky Capital, Cushman & Wakefield completed the sale of Ridge View, a 150-unit luxury apartment community. FPACP4 Ridgeview, LLC, an entity formed by San Francisco-based FPA Multifamily, LLC, purchased the property located at 13225 N. Fountain Hills Boulevard in Fountain Hills, Ariz. for $30.3 million ($202,000 per unit).

Executive Managing Directors David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller. Fogler stated, “Ridge View is an extremely attractive, well-maintained Class A community offering residents recently upgraded unit interiors, updated amenities and incredible mountain views.”

Ridge View is a recently renovated, garden-style community featuring a mix of large two bedroom floor plans. Unit interiors, many of which have been recently upgraded, offer full-size washer/dryers, 9-foot ceilings, custom two-tone paint, gourmet kitchens, granite countertops, black or stainless steel appliances, kitchen islands, walk-in closets, wood-style plank flooring, ceiling fans, bathroom vanities and private patios/balconies.

Renovations and improvements were also completed to the common area amenities, landscaping and building exterior providing residents a newly renovated swimming pool, spa, outdoor fire pit, gas and charcoal BBQ grills, clubhouse, business/computer center, fitness center and covered parking.