Rise48 Equity buys Cascada Del Sol Apartments for $26.7M
Rise48 Equity announced its 12th acquisition in Phoenix since 2019. Cascada Del Sol Apartments is a $26,700,000, 166-unit multifamily apartment property located in Central Phoenix, Arizona.
Cascada Del Sol is currently at 94% occupancy and has a unit mix of 54 studio units, 68 one-bedroom / one-bath units, 28 two-bedroom / one-bath units, and 16 two-bedroom / two-bath units.
Rise48 Equity plans to spend over $3,000,000 renovating the exterior and interiors of the property. They will build a brand-new fitness center, add a dog park, and renovate the leasing center and pool area. In addition, Rise48 will rebrand the asset as “Rise at The Preserve” by installing a new monument sign and applying new exterior paint to the property. The company plans to renovate 100% of interiors and will add in-suite washer and dryers to every unit.
Rise48 Equity has completed $215,326,000 in total transactions since 2019, and currently has $175,326,000 of Assets Under Management, all in the Phoenix MSA. They are on track to spend over $250,000,000 on new Phoenix apartment acquisitions in 2021.
Rise48 Equity CEO, Zach Haptonstall, said “Cascada Del Sol presents a great opportunity to drastically increase the value of the asset and generate strong returns for our investors. It’s rare to find a property in Phoenix now where we can renovate 100% of interiors, install washer/dryers in each unit, and add amenities. We’re starting on our business plan today and are excited to serve our investors.”
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.”