Rise48 Equity has acquired a 360-unit apartment complex in the Dallas suburb of Bedford. MRT Realty Group was the seller, and Prime Finance provided debt on this transaction. The property will be renamed “Rise Bedford Lake” and is Rise48’s second acquisition since opening its Dallas office.
Zach Haptonstall of Rise48 commented, “We employed our typical conservative financing strategy with low leverage and a low 3-year interest rate cap to mitigate against interest rate risk. This now puts us at 688 units in Dallas, with plans to build our portfolio further this year.”
The firm intends to spend more than $9 million renovating the property which includes restoring pool deck area by adding new sail shades and new pool furniture as well as landscaping improvements and covered parking areas for residents’ convenience.
