Rise48 Equity was the buyer of The Waterfront, a circa 1980 property. Pro Residential from Los Angeles was the seller. The sales price comes out to $260,000 a unit. A Northmarq team led by Trevor Koskovich represented the seller and a Northmarq Debt & Equity team financed the acquisition with a $61 million loan. The acquisition was a debt fund execution.

The buyers plan on renovating interiors and repositioning the community’s exterior to increase value and tenant appeal. Northmarq’s Tyler Woodard thinks Rise48 Equity got a valuable asset, “We are excited to see Rise48 put their stamp on this asset and take advantage of the strong rental upside. The property is a perfect fit for their value-add renovation program.” The property was 91% leased at the time of the sale.

Rise48 has added 2,300 multifamily units in Arizona to their portfolio in the first six months of 2022.