Rise48 Equity Acquires 48th Multifamily Investment
Rise48 Equity has acquired their 48th apartment complex since 2019 –Pecan Ridge Apartments in Dallas, Texas. This is their eighth acquisition in the Dallas market.
Pecan Ridge is a 210-unit multifamily apartment property located in Dallas, Texas.
Rise48 Equity plans to spend over $5,000,000 renovating the property. The company will upgrade unit interiors to the Rise48 Equity Platinum Level Finish, which includes brand new quartz countertops, plumbing fixtures, Stainless Steel appliances, vinyl flooring, modern lighting, and more.
Rise48 Equity will transform the look of the property with fresh 3-tone exterior paint, pool upgrades, and fresh landscaping. The company will also remodel the leasing office, gym, playground, and laundry facilities. Pecan Ridge Apartments will be renamed “Rise at Town East” and rebranded with a new LED-backlit monument sign. The upgrades to this property will completely transform the look and will greatly increase the curb appeal to attract new residents.
Rise48 Equity CEO and Co-Founder, Zach Haptonstall, said “We’re excited to acquire this deal at a very low basis. It was a rare opportunity where we purchased the asset from the original owner who owned the deal since it was built 39 years ago. There’s significant value-add upside for us to execute our business plan on behalf of our investors. We own a deal across the street, so it’s nice to have economies of scale of over 400 units in this immediate area. We appreciate our investors who partnered with us on this opportunity and our team has already started executing the plan.”
About Rise48 Equity:
Rise48 Equity is a Multifamily Investment Group with local offices in Dallas, TX and Phoenix, AZ. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash-flow. Our team brings expertise to acquire, reposition and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multifamily apartment properties, strategically add value to the properties, and create passive income for our investors through cash-flow and profits from sale.”
Since 2019, Rise48 Equity has completed over $2.11 Billion+ in total transactions, and currently has $1.67 Billion+ of Assets Under Management located in Phoenix and Dallas. All of the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities.
