Transactions - APRIL 14, 2020

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Hong Kong-based company spends $63m on Arizona residential community

by Andrea Zander

Hong Kong–based Button Capital has paid $63.5 million for Park Place at Fountain Hills, a class A multifamily community located in Fountain Hills, Ariz.

The seller was Real Capital Solutions.

Built in 2018, Park Place at Fountain Hills is a 230-unit class A community. Amenities include two swimming pools, a fitness center with separate spin room, a two-story clubhouse with game room and full kitchen, a business center, and package locker system.

“Park Place is the premier apartment community in Fountain Hills. The community’s modern design, walkability and condominium-level interior finishes combined with the best amenities in the submarket generated significant buyer interest,” said Asher Gunter, executive vice president with CBRE, which represented the seller. “Phoenix is a top target market for multifamily investors, and this acquisition by Button Capital demonstrates their long-term commitment to the U.S. multifamily market.”

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