Rise48 Equity Enters Greensboro Market with Acquisition of Rise Bridgeview
Rise48 Equity, a leader in multifamily real estate, has made its debut in Greensboro, North Carolina, with the acquisition of Drawbridge Creek Apartments, a 240-unit community. The property will be rebranded as Rise Bridgeview, marking Rise48 Equity’s 57th acquisition since its inception in 2019.
This move signifies a pivotal step in the company’s national expansion strategy, adding the dynamic Greensboro market to its growing portfolio.
“This acquisition represents an exciting milestone as we expand our footprint in North Carolina and enter Greensboro,” said Zach Haptonstall, CEO and Co-Founder of Rise48 Equity. “Greensboro’s strong economic fundamentals and vibrant submarkets make it a perfect fit for our value-add investment strategy. We were able to acquire this asset off-market at a great basis for our investors. We’re grateful to our investors for their continued trust and look forward to delivering strong returns through this project.”
Transforming Rise Bridgeview: A $5.1M Investment
Rise48 Equity has earmarked $5.1 million for a comprehensive renovation of Rise Bridgeview, designed to modernize the property and enhance the living experience for its residents. Key upgrades include:
- Interior Overhaul: All 240 units will be refreshed with premium features, including quartz countertops, white shaker cabinets, stainless steel appliances, vinyl plank flooring, modern LED lighting, and updated plumbing fixtures. Plus, washers and dryers will be added to 63% of the units (151 total), providing enhanced convenience for residents.
- Exterior Enhancements: The property’s exterior will be revitalized with our signature three-tone paint, upgraded landscaping, a restored pool deck with brand new furniture, and a refreshed leasing office and clubhouse.
Establishing a Strong Presence in Greensboro
With its first acquisition in Greensboro, Rise48 Equity underscores its commitment to entering high-growth markets that align with its investment philosophy. The company continues to build on its track record of identifying and enhancing multifamily properties in competitive submarkets, generating value for both residents and investors.
