Arizona-based Rise48 is finding success in Raleigh. Less than a year after entering the market, the company made its third investment in Charlotte, paying $24.5 million for the Stone Gate Apartments at 950 Southwood Oak Lane. Rise48 purchased the property from Highlands Ranch, which paid $20.2 million for it in 2021. Rise Stone Gate is currently 91% occupied.

Rise48 will rebrand the property to Rise Stone Gate. The 144-unit property has one- and two-bedroom units, with rent starting at $1,155 per month for a one-bedroom and $1,265 per month for a two-bedroom.

The Atlanta Business Chronicle reports Rise48 was able to buy the property at a discount and that the company will invest $3.2 million into interior and exterior upgrades.

Last summer, Rise48 acquired two other Charlotte rental communities, the W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units). Both properties were rebranded.