Summit Equity Investments Buys Fountain Oaks Apartments

PHOENIX-Los Angeles-based Summit Equity Investments Inc. has acquired Fountain Oaks, an apartment complex comprising 224 units at 1225 N. 40th St. in Phoenix, for an amount of $8.3 million.

By GlobeSt News Hub | September 28, 2011 at 01:01 AM

PHOENIX-Los Angeles-based Summit Equity Investments Inc. has acquired Fountain Oaks, an apartment complex comprising 224 units at 1225 N. 40th St. in Phoenix, for an amount of $8.3 million. The seller was not identified, but records show that Irvine, California-based General Electric Credit Equities Inc. was the former owner.

The complex, constructed in 1983, contains 11 two-story buildings. In the deal, the seller was represented by Colliers International of Phoenix, while the buyer had in-house representation. For the full story, go to Phoenix Business Journal .

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