Rise48 buys The Nolan in Mesa for $92 million
Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle represented the buyer, Rise48 Equity, LLC, in the $92 million purchase of The Nolan, a 288-unit multifamily community at 945 W. Broadway Road in Mesa, Arizona. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition with a $72,600,242 debt fund execution.
Built in 1986, The Nolan includes one- and two-bedroom units that range in size from 460 to 875 square feet. Rise48 Equity is going to renovate the interiors of all the units at the property to their typical Platinum scope, which includes stainless appliances, quartz countertops, undermount sinks, subway tile backsplash, LED lighting, etc. The community includes laundry facilities, three pools, a spa, clubhouse with package receiving, dog park, playground and limited gate access. The complex is centrally located in Mesa, less than one mile from Main Street and the Light Rail station at Alma School Road.
“Rise48 has purchased over 1,000 multifamily units in Arizona since the start of 2022, and over $1 billion in transactions since 2019” explained Brandon Harrington. “They continue to seek out well-positioned communities with value-add opportunities through improvements to the individual units and the complex amenities.”
For a full breakdown on the area’s multifamily market fundamentals review Northmarq’s Research Q12022 Phoenix Market Insights.