Rise48 Equity has acquired $60,200,000 worth of new apartment communities in the Phoenix, Arizona market.
• Aspire Glendale Apartments is a $29,200,000, 120-unit multifamily apartment property located in Glendale, Arizona.
• Brookfield Apartments is a $31,000,000, 124-unit multifamily apartment property located in Phoenix, Arizona.
Rise48 Equity plans to spend over $6,600,000 renovating the properties’ exteriors and interiors. They will upgrade unit interiors to the Rise48 Equity Platinum level finish, which includes brand new quartz countertops, modern lighting packages, all new Stainless Steel appliances, beautiful kitchen backsplashes, and more. The company will also upgrade the landscaping and transform the look of the properties with fresh 3-tone exterior paint. The properties will be rebranded with a brand new monument sign at each property with an LED backlight. They will rebrand Aspire Glendale as “Rise at The Meadows,” and Brookfield as “Rise on Cactus.” These upgrades will completely transform the properties and increase the curb appeal to attract new residents.
Since 2019, Rise48 Equity has completed $1,725,751,000 in total transactions, and currently has $1,285,186,000 of Assets Under Management, all located in the Phoenix MSA. All of the company’s assets under management are managed by Rise48 Equity’s own property management company; Rise48 Communities.
Rise48 Equity CEO, Zach Haptonstall, said “We’re excited to have acquired two new solid assets in separate off-market transactions. We were able to secure attractive interest rates a couple months ago with a conservative low leverage financing strategy. Both properties have significant value-add potential in addition to operational upside. We’ll implement our professional vertically integrated property management platform and drastically increase the value of these assets to achieve strong returns for our investors. We had very strong investor demand for these great opportunities.”
Rise48 Equity is a Phoenix based Multifamily Investment Group. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash-flow. Our team brings expertise to acquire, reposition and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multi-family apartment properties, strategically add value to the properties, and create passive income for our investors through cash-flow and profits from sale.”