Rise48 Purchases Three Multifamily Properties In/Around Phoenix
Three multifamily properties, totaling 462 units in and around Phoenix, have sold for $107 million. The buyer is Rise48 Equity, LLC, while the seller is SPL Companies of Denver.
Representing the seller were Northmarq Phoenix’s Investment Sales team of Trevor Koskovich, Bill Hahn, Jesse Hudson, and Ryan Boyle brokered the $107.07 million sale, according to a news release.
A fourth property in the portfolio, Standard Dobson in Mesa, is scheduled to close in April. Northmarq Phoenix’s Debt & Equity team of Brandon Harrington, Bryan Mummaw, Tyler Woodard, and Bryan Liu financed the acquisition with a debt fund execution.
The roster of purchases breaks down like this:
Standard Country Club: 1903 North Country Club Drive, Mesa, 271 studio and one-bedroom units, $60.625 million sale price ($223,708/per unit)
Standard West: 8080 North 51st Avenue, Glendale, 131 one-and two-bedroom units, $31.7 million sale price ($241,985/per unit)
Standard 59: 5920 W. Laurie Lane, Glendale, 60 one-and two-bedroom units, $14.75 million sale price ($245,833/per unit)