Rise48 Equity Completes $18M Metro Phoenix Sale

District Flats Off Dobson Apartments has undergone a comprehensive interior refurbishment program.
District Flats Off Dobson Apartments. Image courtesy of Rise48 Equity

Rise48 Equity has sold District Flats Off Dobson Apartments, a 112-unit multifamily property in Mesa, Ariz. ZMR Capital paid $18.2 million for the asset, according to Maricopa County records. The Souferian Group partnered with ZMR Capital in the purchase. Harbor Group International provided $16.4 million in acquisition financing to facilitate the transaction.

Located at 1045 S. San Jose St., District Flats Off Dobson features studios and one- and two-bedroom floorplans. The community is less than one mile from both the Banner Desert Medical Center and Mesa Community College. A self storage facility, a shopping mall and several restaurants are also accessible nearby, while the Dobson Montessori School is within walking distance of the property.

Rise48 Equity had owned the property since last March when the company purchased it for $13 million, Yardi Matrix data shows. Following the acquisition, the previous owner implemented an extensive interior renovation program at the 1975-built property. Upgrades included new plumbing and lighting fixtures, stainless steel appliances, quartz countertops, tile backsplash, baseboards and new paint jobs.

District Flats Off Dobson marks Rise48 Equity’s second Phoenix disposition since 2019, with the profits slated to go toward new acquisitions in the metro, according to Chief Executive & Co-Founder Zach Haptonstall. The company’s investment plans were already visible in early 2021 when Rise48 Equity completed another value-add purchase in Phoenix.