Bow River Capital’s 2015 Real Estate Fund sold Park Place, a Class A 230-unit apartment building development with 30,000 SF of ground floor retail located in Fountain Hills, AZ, on April 3, 2020 (see article from AZ Big Media, Park Place at Fountain Hills sells for $63 million).
The project sits on the main corridor of Saguaro Boulevard and East Avenue of the Fountains in the Fountain Hills sub-market of Phoenix, Arizona, which is an expansion of the North Scottsdale area. Centered around an iconic 560-foot fountain, Fountain Hills is considered one of the most prestigious communities in the Phoenix area, and was named #1 by Phoenix Magazine as the best place to live in the Valley of the Sun. It is a highly sought-after retirement destination and an affordable option for new families seeking a high-quality living experience. Park Place represents a well-positioned, high-end rental option in a market dominated by outdated single-family and condominium products. The amenity-rich community offers covered parking, onsite retail, and a main street location in a market with no contemporary product. The apartment building includes two swimming pools, a fitness center, clubhouse and game room, business center, and package locker system. The 230-unit apartment building sold for $63 million at a 4.95% cap rate. Bow River Capital partnered with Real Capital Solutions to develop the project.
The sale of Park Place marks the eighth cash distribution from Bow River Capital’s 2015 Real Estate Fund. With this distribution, Bow River Capital will have returned 66% of Limited Partner capital contributions into the fund to date
About Bow River Capital
Founded in 2003, Bow River Capital is a private alternative asset management company based in Denver, Colorado, with Buyout Private Equity, Real Estate and Software Growth Equity platforms. The Bow River Capital funds focus on the lower middle market across a geographic area referred to as Bow River Capital’s Rodeo Region®, which encompasses the Rocky Mountains and surrounding states. Collectively, Bow River Capital has deployed capital into diverse industries, asset classes, and across the capital structure.