Large Japanese Player Re-Enters US Market, via Phoenix

In a first-time collaboration, two known CRE names are collaborating on a 150-unit, multi-family housing complex in Fountain Hills, AZ, just outside of Phoenix.

Nippon Steel Kowa Real Estate (of Tokyo) is teaming for a joint venture with Continental Realty Assets (of Denver). The initial purchase for the partnership is Arrive Fountain Hills, in the Fountain Hills submarket. 

Nippon Steel worked with Metzler Real Estate on the deal, which welcomes Nippon Steel to re-enter the United States real estate market. This purchase is part of a larger strategy for both players as they pursue “core-plus multifamily communities in Phoenix,” the companies said.

Part of the plan, moving forward, is to rename the property Luna at Fountain Hills, which will associate it with an International Dark Sky Community designation – making it one of only 16 such properties in the world.