R
ise48 Equity continues to expand its presence in North Texas, despite concerns about the firm's debt last year. The Phoenix-based multifamily syndicator has acquired a 144-unit apartment complex at 2929 Kings Road on the edge of Dallas' Oaklawn and Park Cities neighborhoods. Northmarq brokered the sale and arranged financing through Prime Finance, which lent $21.2 million for the purchase.

    The loan term is five years, including extensions, with the property valued at $24 million by the Dallas Central Appraisal District. The complex features a pool, tanning salon, dog park, and fitness center, offering easy access to major highways. This acquisition marks Rise48's third multifamily property in DFW this year.

    The firm has also purchased Fielder's Glen, a 220-unit apartment complex in Arlington, and the 210-unit Pecan Ridge apartments in Mesquite, which it plans to upgrade with $5 million worth of renovations. With interest rates recently reduced by the Federal Reserve, experts expect more commercial transactions like these. However, rent growth is expected before multifamily property pricing recovers.

    Rise48 was founded by Zach Haptonstall in 2019 and focuses on acquiring, renovating, and reselling value-add multifamily properties primarily in Phoenix and Dallas.