Rise48 Equity Sells 3rd Phoenix Community
The company continues to be one of the Valley's most active multifamily owners.
Rise48 Equity has sold Rise on McDowell Apartments, a 76-unit multifamily community in Phoenix, for $15.6 million. The company more than doubled the property’s value through capital improvements since 2019, when it paid $6.9 million for the asset.
The 1984-built Rise on McDowell encompasses four two-story buildings on 2.3 acres at 3620 E. McDowell Road. The community offers one- and two-bedroom apartments, ranging from 575 to 920 square feet. Post-renovation, units include washers and dryers and high-speed internet. Residents have access to a swimming pool and roughly 100 parking spaces.
Located in the Papago Vista neighborhood, the asset is some 5 miles from both downtown Phoenix and Phoenix Sky Harbor International Airport. Retail and dining options are within walking distance and a bus stop is just across the street.
In October, a 128-unit garden-style community located just steps from Rise on McDowell sold for $27.5 million. SB Real Estate acquired the 1985-built property for $214,844 per unit.
Top multifamily market
This is the third sale Rise48 Equity completed in Phoenix since it was formed in 2019. This year in May, the company sold District Flats off Dobson Apartments, a 112-unit community in Mesa, Ariz. ZMR Capital acquired the property for $18 million, or $162,500 per unit.
Rise48 Equity is on track to spend $600 million in multifamily investments in Phoenix this year, one of the most active multifamily markets across the country. Keeping up with plans, last month, the company paid $56.1 million for Solano Vista Apartments, a 352-unit property in Glendale, Ariz.
Supported by strong fundamentals and an influx of new residents, Phoenix continued to be one of the leading multifamily markets going into the fourth quarter. Overall rent growth in Phoenix led all major markets in the U.S., with the figure up by 26.3 percent year-over-year through September, a recent Yardi Matrix report shows.
What’s more, in the nine months ending in September, some $8.5 billion worth of assets traded in Phoenix, placing the metro among the most active markets for transactions.