Rise48 Equity Expands in Phoenix With $56M Buy
- Oct 13, 2021
Rise48 Equity has acquired Solano Vista Apartments, a 352-unit community in Glendale, Ariz., for $56.1 million. The asset last traded in 2019, when Sundance Bay acquired it from 3rd Ave Investments for $30.7 million, Yardi Matrix data shows.
Solano Vista consists of 24 two-story buildings on 9.2 acres at 7102 N. 43rd Ave. The property includes studios, one- and two-bedroom apartments with floorplans ranging from 330 to 750 square feet. Community amenities include four swimming pools, a gym, a playground and six laundry rooms, among others. Residents also have access to roughly 500 parking spaces.
The property is within walking distance of several retail and dining options, including many at the intersection of Glendale and 43rd avenues. Solano Vista is situated some 8 miles from downtown Phoenix.
The 1974-built property will be redubbed Rise Parkside and will undergo more than $6 million worth of upgrades. Repositioning plans include repainting the exterior and replacing the roof, chiller systems and boilers. More than half of the apartments will also undergo renovations.
Rise48 Equity has already invested nearly $380 million in the Phoenix multifamily market since 2019, according to the company. In July, Rise48 Equity expanded its footprint with the acquisition of two communities in Greater Phoenix: Brookside Apartments and City 15 Apartments. The properties traded for $73.9 million, with $4 million earmarked for renovations.