Rise48 Buys Uptown Dallas Apartment Community

It’s Rise48 Equity’s 54th acquisition since 2019. The company’s latest is The Lure Apartments (a 144-unit multifamily community) in Dallas. The property will be rebranded to “Rise Highland Park” and is located in the Uptown Dallas submarket within the Dallas MSA. Rise48 Equity has plans to revitalize The Lure Apartments with an investment of over $3.5 Million. Property renovations at the property will include:

· Interior upgrades: Quartz countertops, kitchen backsplash, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting.

· Exterior: Fresh paint, a new LED-backlit monument sign, and new marketing banners around the property.

· Install washers and dryers into 84% of the units.

Rise48 Equity’s Zach Haptonstall said, “The combination of the premium location in Uptown Dallas, the 1998 vintage, and the significant value-add upside made this a great opportunity for our investors. We started executing on the business plan immediately after takeover.”

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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