Rise48 Equity sells District Flats Off Dobson Apartments for $18.2M
Rise48 Equity – one of the fastest growing multifamily investment groups in Phoenix – announced the $18,200,000 / $162.5k Per Unit sale of District Flats Off Dobson Apartments, a 112-unit multifamily apartment property located in Mesa, Arizona.
The seller, Rise48 Equity acquired the property in March of 2020, at $13,000,000 / $116k Per Unit. The group implemented their interior upgrade program which includes quartz countertops, stainless steel appliances, two-tone paint, subway tile backsplash, new baseboards, and new plumbing and lighting fixtures. The property is located in a prime Mesa neighborhood, directly across the street from Banner Desert Medical Center, (3,700+ employees) and Mesa Community College (20,000+ students).
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Rise48 Equity was formed in 2019 by Zach Haptonstall, Bikran Sandhu, and Robert Szewczyk. Rise48 Equity is based locally with offices in central Phoenix. Since 2019, they have acquired over $140,000,000 of apartments in the Phoenix MSA.
District Flats Off Dobson marks the company’s second disposition in the Phoenix market since 2019. Rise48 plans to 1031 exchange the sales proceeds into a new acquisition in the Phoenix market.
Zach Haptonstall, said “We’re excited to have executed our business plan and achieve such a strong return for our investors in just 13 short months. We’re seeing similar results across our entire portfolio, and we’re very bullish on the Phoenix market with its superior job, population, and rent growth.”
Rise48 Equity is on track to spend over $250,000,000 on new apartment acquisitions in 2021.