Rise48 Equity has acquired two multifamily properties in Phoenix, Ariz. for $73.9 million. The company paid $41.6 million for Brookside Appartments, a 204-unit community in Southwest Phoenix, and $32.3 million for City 15 Apartments, a 161-unit asset close to the city center.
Prospect Ridge, the seller of Brookside Apartments, acquired the property in 2019 along with 11 other assets across Arizona, for a combined $211 million, according to Yardi Matrix data.
The seller of City 15 Apartments was identified as Pacific Reach, per Yardi Matrix. The property last traded in 2014, when the company bought it for $10.9 million from H3T Legacy Capital.
Located at 6131 West Thomas Road, the 1984-built Brookside Appartments encompasses 11 two-story buildings. Floorplans comprise studios, one- and two-bedroom units ranging from 400 to 858 square feet. Amenities include two swimming pools and spas, two laundry facilities and some 260 parking spaces. The new owner will add a gym, dog park and new equipment to the playground.
The community is within walking distance of Desert West park and a shopping center on W. Thomas Road. Downtown Phoenix is some 8 miles east of the property.
City 15 Apartments comprises 22 one- and two-story buildings on 5.44 acres at 4728 N. 15th St. The property offers studios, one- and two-bedroom apartments sized between 450 square feet and 950 square feet. Residents have access to a fitness center, a clubhouse, a newly refurbished tennis court, a basketball court, three swimming pools, a spa and several laundry rooms. The property also offers some 320 parking spaces.
Situated roughly 6 miles north of Phoenix’s urban core, the community is close to the retail corridor on Camelback Road and an elementary school.
The new acquisitions are in line with Rise48 Equity’s overarching value-add strategy. The company plans to invest more than $4 million in interior and exterior capital improvements to the new assets.
Brookside Apartments, which has been renamed Rise Deser West, will undergo $3 million worth of upgrades including renovations to almost half of the units and several community amenities. City 15 Apartments, which has been rebranded as Rise Baltimore, will see more than $1 million in upgrades to 30 apartments.
Rise48 Equity has already deployed roughly $250 million in building its Phoenix multifamily portfolio. The company recently closed the $26.7 million purchase of Cascada Del Sol and the $18.4 million acquisition of Revival on Indian School.