Rise48 Equity closes $109.85M in transactions in 10 days
Rise48 Equity – one of the fastest growing multifamily investments groups in Phoenix – announced three transactions completed in the past 10 days, totaling $109,850,000. The transactions included two dispositions and one acquisition.
Rise48 Equity acquired c, a 76 unit multifamily apartment property located in Phoenix, Arizona, in August of 2019, at $6,900,000 / $90,789 per unit. They implemented their interior upgrade program and installed washers & dryers inside many of the units. Rise48 Equity sold this property at $15,550,000 / $204K per unit.
Rise48 CEO, Zach Haptonstall, said “We’re excited to have successfully executed our value-add business plan and complete our third full-cycle disposition of an asset since we started. This deal was a home run for our investors who trusted us with their hard-earned money, and we couldn’t be happier with the results. We’re selling our fourth deal next week, and both of these recent dispositions drastically exceeded investor return projections in less than half of the projected time period. We’re looking for more opportunities to serve our growing investor base.”
Rise48 Equity also acquired Villa Serena Apartments, a 137 unit community located in Phoenix in August of 2019 as well, purchasing the community at $17,575,000 / $128.3K per unit. Rise48 Equity executed their upgrade program, including exterior & cap ex updates, and many of the units’ interiors. Villa Serena is located near Glendale Community College, HonorHealth John C. Lincoln Medical Center, and Banner Thunderbird Medical center, as well as many other employment hubs in the area. Rise48 Equity sold Villa Serena Apartments for $32,000,000 / $233.6K per unit, and was the company’s fourth disposition since 2019.
Rise48 Equity recently acquired Marble Creek Apartments, a 244-unit property built in 1985. The company paid $62,300,000 and plans to spend over $4,000,000 renovating the exterior and interiors of the apartment community. Marble Creek is the first property Rise48 Equity will be managing with their new property management company, Rise48 Communities (www.rise48communities.com), that was announced earlier this week.
Renovations to Marble Creek include rebranding the property as “Rise Skyview,” and installing a new monument sign with LED backlighting, upgrading the landscaping, and upgrading the exterior lighting to improve the curb appeal. The company will also be upgrading all 244 of the units interiors to the Rise48 Equity Platinum level finish, which includes stainless steel appliances, new quartz countertops, white shaker doors, modern LED lighting & fixtures, upgraded plumbing, new vinyl-plank flooring, and fresh two-tone paint. Along with these upgrades, Rise48 Equity will be upgrading the dog park, playground equipment, and pool deck, completely transforming the property.
Rise48 Equity was formed in 2019 by Zach Haptonstall, Bikran Sandhu, and Robert Szewczyk. The company is based locally in Phoenix with an office in the Biltmore area. Since 2019, they have completed over $534,116,000 worth of apartment transactions in the Phoenix metro. Plans call for hiring 50+ new employees by the end of the year with their new Property Management Firm, Rise48 Communities.
Rise48 Equity is on track to acquire over $600,000,000+ in new Phoenix apartments in 2021.