### Rise48 Expands Charlotte Portfolio with $24.5M Acquisition
Arizona-based **Rise48** continues its expansion in Raleigh, making its third investment in Charlotte with the acquisition of Stone Gate Apartments for $24.5 million. The property, located at 950 Southwood Oak Lane, was purchased from Highlands Ranch, which had acquired it for $20.2 million in 2021. Currently, **Rise Stone Gate** is 91% occupied.
The company plans to rebrand the 144-unit complex as **Rise Stone Gate**. The property offers one- and two-bedroom units, with rents starting at $1,155 per month for a one-bedroom and $1,265 per month for a two-bedroom.
According to the *Atlanta Business Chronicle*, Rise48 secured the property at a discounted rate and intends to invest $3.2 million in interior and exterior upgrades.
This acquisition follows Rise48’s entry into the Charlotte market last summer when it purchased **W Flats Apartments** (247 units) and **Matthews Pointe Apartments** (100 units), both of which have since been rebranded.
