City 15 apartments. Image courtesy of Rise48 Equity
Rise48 Equity has acquired two apartment buildings in Phoenix, Arizona for $ 73.9 million. The company paid $ 41.6 million for Brookside Apartments, a 204-unit residential complex in southwest Phoenix, and $ 32.3 million for City 15 Apartments, a 161-unit complex near downtown.
Prospect Ridge, the seller of Brookside Apartments, acquired the property along with 11 other assets across Arizona for a combined $ 211 million, according to Yardi Matrix data.
The City 15 Apartments seller has been identified as Pacific Reach, according to the Yardi Matrix. The property was last traded in 2014 when the company bought it from H3T Legacy Capital for $ 10.9 million.
Properties properties
Brookside Apartments
The Brookside Apartments, built in 1984, are located at 6131 West Thomas Road and comprise 11 two-story buildings. Floor plans include studios, one-, and two-bedroom units ranging from 400 to 858 square feet. Facilities include two swimming pools and spas, two laundries and around 260 parking spaces. The new owner will add a fitness room, a dog park and new equipment to the playground.
The community is within walking distance of Desert West Park and a shopping mall on W. Thomas Road. Downtown Phoenix is 8 miles east of the property.
City 15 Apartments consists of 22 one- and two-story buildings on 5.44 acres at 4728 N. 15th St. The property offers studios, one- and two-bedroom apartments ranging in size from 450 square feet to 950 square feet. Residents have access to a fitness center, clubhouse, newly renovated tennis court, basketball court, three swimming pools, spa, and several laundry rooms. The property also offers around 320 parking spaces.
The community is located approximately 6 miles north of downtown Phoenix near the Camelback Road shopping corridor and an elementary school.
Phoenix added value
The new acquisitions are in line with Rise48 Equity’s overarching value-add strategy. The company plans to invest more than $ 4 million in internal and external capital improvements to the new facilities.
Brookside Apartments, which have been renamed Rise Deser West, are undergoing a $ 3 million upgrade, including renovations to nearly half of the units and several communal facilities. City 15 Apartments, renamed Rise Baltimore, will receive more than $ 1 million in upgrades to 30 apartments.
Rise48 Equity has already invested approximately $ 250 million in building its Phoenix multi-family portfolio. The company recently completed the $ 26.7 million purchase of Cascada Del Sol and the $ 18.4 million acquisition of Revival on Indian School.
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