District Flats Off Dobson Apartments. Image courtesy of Rise48 Equity
Rise48 Equity has sold District Flats Off Dobson Apartments, a 112-unit apartment building in Mesa, Arizona. ZMR Capital paid $ 18.2 million for the asset, according to Maricopa County’s records. Harbor Group International provided acquisition financing of $ 16.4 million to facilitate the transaction.
Located at 1045 S. San Jose St., District Flats Off Dobson has studios and one- and two-bedroom floor plans. The community is less than 1 mile from the Banner Desert Medical Center and Mesa Community College. Self-storage, a shopping mall, and several restaurants are also nearby, while the Dobson Montessori School is just a few minutes’ walk from the property.
Rise48 Equity had owned the property since March last year when the company bought it for $ 13 million, data from Yardi Matrix shows. After the acquisition, the previous owner carried out an extensive program to renovate the interior of the property built in 1975. Upgrades included new plumbing and lighting fixtures, stainless steel appliances, quartz countertops, tile backsplash, baseboards, and new paintwork.
District Flats Off Dobson marks Rise48 Equity’s second Phoenix divestment since 2019, with gains earmarked for new acquisitions in the Subway, according to Zach Haptonstall, Chief Executive & Co-Founder. The company’s investment plans were already visible in early 2021 when Rise48 Equity completed another value-added purchase in Phoenix.
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