Rise48 Equity Acquires Two Phoenix Properties, Plans Revamp/Rebrand

Rise48 Equity has acquired two Phoenix apartment communities and will immediately start on a comprehensive renovation program. In addition, they will rebrand the two developments.

Rise48 spent roughly the same for the 120-unit Aspire Glendale Apartments and the 124-unit Brookfield Apartments in Phoenix. All-in-all they bought $60,200,000 worth of new apartment communities.

Rise48 Equity plans to spend over $6,600,000 renovating the properties’ exteriors and interiors. They will rebrand Aspire Glendale as “Rise at The Meadows,” and Brookfield as “Rise on Cactus.”

Rise48 Equity’s Zach Haptonstall, said “We were able to secure attractive interest rates a couple months ago with a conservative low leverage financing strategy. Both properties have significant value-add potential in addition to operational upside.”

Since 2019, Rise48 Equity has completed $1.7 billion in total transactions, and currently has $1.2 billion of assets under management, all located in the Phoenix area.