SCOTTSDALE, Ariz. , April 19,
2024 /PRNewswire/ -- Rise48 Equity, a leading
multifamily investment group, today announced the acquisition of
Mosaic Apartments in the DFW area of Texas. This 288-unit complex marks a
significant milestone as the company's 50th acquisition since 2019
and its 10th in the Dallas MSA, further expanding their strong
presence in Texas.
Rise48 Equity has plans to revitalize Mosaic Apartments, soon to
be rebranded Rise Fossil Creek, with an investment of over
$7 million. Property renovations
include:
- Platinum-level interior upgrades: New shaker doors, quartz
countertops, plumbing fixtures, stainless steel appliances, vinyl
flooring, and updated lighting.
- Transformative exterior: Fresh 3-tone paint, pool area
improvements, leasing office & clubhouse upgrades, landscaping
enhancements, a new LED-backlit monument sign, and new marketing
banners.
Rise48 Equity CEO and Co-Founder, Zach
Haptonstall, said "We're excited to have acquired Mosaic
Apartments off-market at a great basis. It's a very strong
submarket and a great asset with a lot of upside. We want to thank
our investors for partnering with us on this deal, and we will
immediately begin to execute our business plan."
About Rise48 Equity:
Rise48 Equity is a multifamily investment group with
offices in Dallas, TX, and
Phoenix, AZ. Dedicated to
empowering accredited and non-accredited investors, the company
focuses on creating wealth-building opportunities while delivering
exceptional living experiences for residents. Rise48 Equity's
expertise in acquisition, repositioning, and capital management
delivers strategic returns for its partners. Since 2019, Rise48
Equity has transacted over $2.19
billion and currently holds over $1.75 billion in assets under management—all
overseen by its vertically integrated property management company,
Rise48 Communities.
Company Website: www.Rise48Equity.com
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SOURCE Rise48 Equity