Rise48 Equity Acquires Seventh Texas Multifamily Investment
Rise48 Equity has acquired their 47th apartment complex since 2019 –Stoneleigh at Mesquite Apartments in Dallas, Texas. This is their seventh acquisition in the Dallas market.
Stoneleigh at Mesquite is a 200-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, playground upgrades, and carport parking upgrades. The company will also remodel the leasing office, gym, clubhouse, and laundry facilities. Stoneleigh at Mesquite Apartments will be renamed “Rise Skyline” 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 have acquired this 1997 vintage asset at a very low basis. It offers significant value-add upside and is in a great submarket. We’re buying this deal and another one right across the street, which will immediately give us good economies of scale with over 400 units in the Mesquite submarket. We’re looking forward to getting to work for our investors. ”
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 $2.09 Billion+ in total transactions, and currently has $1.65 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.