In the past week, Rise48 Equity has acquired $101,075,000 worth of new apartment communities in the Phoenix, Arizona market.
Solano Vista Apartments is a $56,075,000, 352-unit multifamily apartment property located in Glendale, Arizona.
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Rise48 Equity plans to spend over $6,000,000 renovating the exterior and interiors of the property. They will rebrand the asset as “Rise Parkside,” apply a fresh 3-tone exterior paint scheme to the entire property, and install a new monument sign with an LED backlight to improve the curb appeal. In addition, Rise48 will renovate over 50% of the unit interiors to the Rise48 Equity Platinum level finish and replace the roofs, chiller systems, and boilers. By upgrading all 4 pool areas and replacing the security gates, the property will be completely transformed.
La Cresenta Apartments is a $45,000,000, 197-unit multifamily apartment property located in Tempe, Arizona.
Rise48 Equity plans to spend over $4,000,000 renovating the property’s exterior and interiors. They will upgrade all 197 unit interiors to the Rise48 Equity Platinum level finish, upgrade both of the pool decks, renovate the office and clubhouse spaces, and add a brand new dog park. They will rebrand the asset as “Rise at The Retreat,” apply a fresh 3-tone exterior paint scheme to the entire property, and install a new monument sign with an LED backlight.
Rise48 Equity has completed $424,251,00 in total transactions since 2019, and currently has $384,251,000 of Assets Under Management, all in the Phoenix MSA.
Rise48 Equity CEO, Zach Haptonstall, said “We’re excited to have acquired two new solid assets with a lot of value-add opportunities. These deals meet our criteria for the conservative, risk-adjusted investments with a lot of upside that we look for when serving our investors. We’ve immediately started to execute on our business plans and look forward improving both of these communities.”
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.”