Rise48 Equity Tries its 80’s Strategy Out in Dallas
Rise48 Equity is taking its unique niche on the road. The Phoenix-based company focuses on 1980’s product with 100-plus units. Rise48 Equity has closed on its first property in North Texas – a 328-unit apartment complex located at 13100 Pandora Dr. in Dallas. Rise48 Equity plans to spend more than $8,000,000 renovating the property’s exteriors and interiors, upgrading the units with brand new quartz countertops, modern lighting packages, all new stainless-steel appliances, landscaping, pool, and be rebranded to increase the curb appeal to attract new residents.
Rise48’s Zach Haptonstall believes that in this market operators will have to force the appreciation of the assets by providing a better quality product, “You can’t just have the same finishes as everyone else and expect to be pushing up your rents,” he said.
Since 2019, the company has completed over $1.8 billion in transactions and has $1.4 billion of assets under management.