Rise48 Buys 166-Unit Phoenix Community
The company plans to invest more than $250 million in apartment acquisitions this year.
Rise48 Equity has paid $26.7 million to Sheiner Group for Cascada Del Sol, a 166-unit value-add community in Phoenix. The new owner is targeting a comprehensive renovation program. ABI Multifamily facilitated the transaction. According to Yardi Matrix data, Cityside Capital is co-owner of the community.
The property encompasses 10 two-story buildings located on 4.2 acres at 1502 West Glendale Ave. Floorplans include a mix of 68 one-bedroom and 44 two-bedroom units, in addition to 54 studios, with sizes ranging from 404 to 815 square feet. Residents have access to a community room, a swimming pool with sundeck, a picnic and grilling area, a laundry room and 220 parking places.
New name, new look
The 1974-built property is being redubbed Rise at the Preserve and is slated to undergo more than $3 million in renovations, with the bulk of upgrades targeting in-unit improvements, the rental office and the pool. A new dog park, a fitness center and in-suite washers and dryers are also in the plans.
The community is roughly 7 miles north of downtown Phoenix. The Glendale/19 Avenue metro station as well as several restaurants and grocery stores are within walking distance. Communities in the area are served by Orangewood Elementary School.
Cascada Del Sol is one in a long series of value-add Phoenix acquisitions made by Rise48 Equity in the past couple of years. Recently, the company expanded its portfolio with the purchase of a 96-unit multifamily property for $18.4 million. Rise48 Equity has roughly $175 million of rental assets under management across Greater Phoenix, and plans to invest more than $250 million this year in apartment acquisitions overall, according to a release issued by the company.
The ABI Multifamily team working on the sale of Cascada Del Sol included Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick.