Rise48 Equity Acquires $101M of Phoenix Multifamily in One Week

In just one week, Rise48 Equity acquired $101 million in new apartment communities in the Phoenix market. The larger of the two properties is Solano Vista Apartments, a $56 million 352-unit multifamily apartment property in Glendale.

Rise48 Equity plans to spend more than $6 million renovating the exterior and interiors of the property. The asset will be rebranded as Rise Parkside with a new monument sign to improve curb appeal. In addition, Rise48 will renovate more than 50 percent of the unit interiors, replace the roofs, chiller systems and boilers, upgrade the four pool areas and replace the security gates.

The second property is La Cresenta Apartments, a $45 million 197-unit multifamily apartment property in Tempe. Rise48 Equity plans to spend more than $4 million renovating the property’s exterior and interiors. All 197-unit interiors will be upgraded along with the pool decks, office and clubhouse spaces. The asset will be rebranded as Rise at The Retreat, noted with a new monument sign.

“We’re excited to have acquired two new solid assets with a lot of value-add opportunities. These deals meet our criteria for the conservative risk-adjusted investments with a lot of upside that we look for when serving our investors,” says Zach Haptonstall, Rise48 Equity CEO. “We’ve immediately started to execute on our business plans and look forward improving both of these communities.”