Rise48 Equity buys Revival on Indian School for $18.4M
Rise48 Equity announced its 11th acquisition in Phoenix since 2019, Revival on Indian School Apartments, a 96-unit multifamily apartment property located in Phoenix, Arizona. The sale price was $18,400,000.
Revival on Indian School has a unit mix of 100% 2 bedrooms, with an average floor plan of 1,030 SF. The property is currently at 99% occupancy, complete with 2 resort style pools, a fitness center, and in-suite washer and dryers in every unit.
Rise48 Equity plans to spend over $1,000,000 renovating the property including their interior renovation program, new exterior paint, and landscaping. They will also focus on rebranding the property as ‘Rise Melrose’ and implement a new monument sign and marketing. Rise48 Equity has completed $188,600,000 in total transactions since 2019, and currently has $148,600,000 of Assets Under Management, all in the Phoenix MSA. They are on track to spend over $250,000,000 on new apartment acquisitions in 2021.
Rise48 Equity CEO, Zach Haptonstall, said “We’re very excited to have added Revival on Indian School Apartments to our portfolio. We love the unit mix and large floor plans, and we’re confident that we have a conservative business plan with a lot of upside. We’re ready to get to work for our investors.”
Rise48 Equity (http://www.rise48equity.com) 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. 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.”