In 10 Days, Rise48 Equity Sells and Buys Three Assets Totaling $110M
Phoenix-based Rise48 Equity, a multifamily investments group, recently announced three transactions in 10 days totaling $109.85 million. The transactions included two dispositions and one acquisition.
Rise48 Equity acquired Rise on McDowell, a 76-unit multifamily apartment property in Phoenix, in August 2019 at $6.9 million and recently sold this property at $15.55 million or $204,000 per unit.
Rise48 Equity also acquired Villa Serena Apartments, a 137-unit community in Phoenix in August 2019 as well, purchasing the community at $17.575 million or $128,300 per unit. Rise48 Equity executed its upgrade program on the asset. Villa Serena is located near Glendale Community College, HonorHealth John C. Lincoln Medical Center and Banner Thunderbird Medical center as well as other employment hubs in the area. Rise48 Equity sold Villa Serena Apartments for $32 million or $233,600 per unit and was the company’s fourth disposition since 2019.
“We’re excited to have successfully executed our value-add business plan and complete our fourth full-cycle disposition of an asset since we started,” says Zach Haptonstall, Rise48 CEO. “Both of these recent dispositions drastically exceeded investor return projections in less than half of the projected time period. We’re looking for more opportunities to serve our growing investor base.”
Rise48 Equity recently acquired Marble Creek Apartments, a 244-unit property built in 1985. The company paid $62.3 million and plans to spend more than $4 million renovating the exterior and interiors of the apartment community. Marble Creek is the first property Rise48 Equity will be managing with its new property management company, Rise48 Communities.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.