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Rise48 Equity Picks Phoenix Multifamily Community
Rise48 Equity paid $42 million, or $225,806 Spring, for a 186-unit apartment asset in Phoenix. The seller was Living Well Homes. Institutional Property Advisors (IPA) represented the seller and secured the buyer. An IPA Capital Markets group secured the financing.
Spring is an 18-building, two-story garden-style asset built on nine acres in 1984. The controlled-access property has a swimming pool, lush courtyard setting and a fitness center. Apartments have full-size side-by-side washers and dryers, dishwashers, walk-in closets, and private patios or balconies. The average unit size is 830 square feet. The property is situated near North Mountain Park within the Phoenix Mountains Preserve, close to Interstate 17. Downtown Phoenix is within a short drive and public transportation is within proximity at the Valley Metro’s 19th Avenue/Dunlap light rail station.
IPA’s Cliff David added, “With larger than average unit sizes and nearly 50% two-bedroom floor plans combined to offer the buyer a prime opportunity to implement a value-add strategy with a terrific baseline.”
