Japanese investor re-enters U.S. market with Continental Realty Group

Tokyo-based Nippon Steel Kowa Real Estate Co. has re-entered the U.S. real estate market in a joint venture with Denver-based Continental Realty Assets, a subsidiary of Continental Realty Group. The sales price was not disclosed.

The partnership acquired Arrive Fountain Hills, a 150-unit multifamily community in the Fountain Hills submarket of Phoenix.

This acquisition marks the first collaboration between CRA and NSKRE. The partnership is focused on acquiring core-plus multifamily communities in Phoenix.

David Snyder, Continental Realty Group's president, said, “We are excited and grateful to complete our first acquisition with NSKRE. Our local market knowledge and history as a sponsor together with NSKRE's global reputation as an institutional real estate firm makes for an ideal combination, and we are honored to partner with them as they re-enter the U.S. real estate market.”

As part of the business plan, the property will be re-named Luna at Fount