Rise48 Equity recently acquired a 186-unit apartment asset in Phoenix for $42 million, or $225,806 per unit. The seller was Living Well Homes and the transaction was facilitated by Institutional Property Advisors (IPA), who represented the seller and secured financing through their Capital Markets group.
The 18-building, two-story garden style property is situated on nine acres of land built in 1984. It features a controlled access entry with amenities such as a swimming pool, lush courtyard setting and fitness center. Apartments come equipped with full size side by side washers/dryers, dishwashers walk in closets and private patios or balconies averaging 830 square feet each. The property is conveniently located near North Mountain Park within the Phoenix Mountains Preserve close to Interstate 17 as well as public transportation at Valley Metro’s 19th Avenue/Dunlap light rail station making downtown Phoenix easily accessible from this location .
Cliff David of IPA commented “With larger than average unit sizes offering nearly 50% two bedroom floor plans combined to offer buyers prime opportunity to implement value add strategies with an excellent baseline.”
