Rise at Highland Meadows Leasing Office. (Provided by Rise48 Equity)
Rise48 Equity acquires 6 new apartments and expands to Dallas
Rise48 Equity, a multifamily investment group headquartered in Phoenix, Arizona, has acquired six new apartment properties since January 2023. The newly acquired properties have added 1,432 new units to their portfolio.
The new properties in the Phoenix Metro Area include Rise on McClintock (*formerly Eden Apartments) and Rise Desert Cove (*Spring Apartments). The company announced in January that they would be expanding to the Dallas, Texas market. Since then, Rise48 Equity has acquired four Dallas properties; Rise at Highland Meadows (*Paces Cove Apartments), Rise Bedford Lake (*Point Loma Woods Apartments), Rise Oak Creek (*Cantebria Crossing Apartments), and Rise North Arlington (*Alcove Oaks Apartments). Rise48 Equity plans to spend over $37,000,000 renovating interiors and exteriors of their six newest acquisitions.
To support their Dallas, Texas expansion, Rise48 Equity has opened a new 9,000+ SF office located at Chase Tower in downtown Dallas in December 2022. The company has 230+ employees with 20+ of those located in Dallas. Phoenix still serves as Rise48 Equity’s home base for their corporate headquarters. The company will continue to offer both Phoenix and Dallas investment opportunities for the remainder of 2023 to offer diversification to investors.
“We’ve underwritten well over 200+ deals this year between Dallas and Phoenix and found a handful that have worked with about a 2% hit rate. Almost every deal we’ve purchased involved a Seller with interest rate pressure which allowed us to acquire these deals at a low basis with major discounts. We’re using our traditional financing strategy of low leverage loans with low, 3-year interest rate caps on every deal. Operationally, our primary focus has been increasing the velocity of renovations to force appreciation and increase NOI. In the first 6 months of the year, we’ve renovated 883 units with an average rental increase of $449 per unit. This is $22 above our initial project rent on average across the 883 units. We’ll continue to renovate units at a strong pace and look for good investment opportunities in the second half of the year.”
For more information about Rise48 Equity, visit rise48equity.com.