Mesa, Arizona Apartment Homes Sell For $319,444 a Unit
Rise48 Equity used a combination of debt and equity to buy the $92 million multifamily community. Northmarq Phoenix’s Debt and Equity team financed the acquisition with a $72.6 million debt fund execution.
Northmarq’s Brandon Harrington says Rise48 seems to like the Phoenix market, “Rise48 has purchased over 1,000 multifamily units in Arizona since the start of 2022 and over $1 billion in transactions in 2019. They continue to seek out well-positioned communities with value-add opportunities through improvements to the individual units and complex amenities.”
Built in 1986, The Nolan includes one and two-bedroom units that range from 460 to 875 square feet. Rise48 Equity plans to renovate the interiors of all of the units. The community includes laundry facilities, three pools, a spa, clubhouse, dog park and playground. It’s less than a mile away from Main Street and the Light Rail station line.
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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