Rise48 Equity has acquired Rise at the Northern, a 108-unit multifamily community in far north Phoenix, from Tailwind Investment Group. The property, located at 17840 N. Black Canyon Highway, traded for $21.7 million in a transaction arranged by Northmarq’s Phoenix Investment Sales team. The community was previously known as The Northern.
According to the parties involved, Rise48 Equity moved quickly to secure the asset, pre-empting the broader marketing process by submitting a full-price offer with a non-refundable deposit on the first day of the sale process. Tailwind Investment Group elected to sell to Rise48 Equity on those terms, bringing the transaction to a close without an extended bidding period.
Rise at the Northern was built in 1983 and is situated on 3.62 acres within the Deer Valley submarket of north Phoenix. The community comprises four three-story residential buildings with a mix of one- and two-bedroom floor plans. Units at the property average 868 square feet, positioning the community within the traditional garden-style segment of the multifamily market.
At the time of sale, approximately 20% of the apartments at Rise at the Northern had been renovated. Rise48 Equity plans to implement a light value-add renovation program across 100% of the units, extending upgrades beyond the already improved homes. Specific details of the planned renovations were not disclosed, but the strategy signals an intention to refresh interiors across the entire property.
Community amenities at Rise at the Northern include a swimming pool with lounge chairs and shade structures, a heated jacuzzi, an outdoor dining area with a ramada, a fitness center, and a picnic area with BBQ grills. These shared spaces support the property’s positioning as a conventional rental community in a suburban submarket.
Northmarq’s Phoenix Investment Sales team of Jesse Hudson, Chris Michl and Logan Baca arranged the sale on behalf of Tailwind Investment Group. The transaction underscores ongoing investor interest in established multifamily assets in north Phoenix submarkets where operators can pursue value-add strategies through renovations and amenity enhancements.
