Rise48 Equity buys Cascada Del Sol Apartments for $ 26.7 million
Rise48 Equity announced its 12th acquisition in Phoenix since 2019. Cascada Del Sol Apartments is a $ 26,700,000 166 unit multi-family building located in Central Phoenix, Arizona.
Cascada Del Sol is currently at 94% oAccommodation and has a mix of units of 54 studio units, 68 one bedroom / one bathroom units, 28 two bedroom / one bathroom units and 16 two bedroom / two bathroom units.
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Rise48 Equity plans to spend over $ 3,000,000 to renovate the exterior and interior of the property. They will build a brand new fitness center, add a dog park, and renovate the rental center and pool. Additionally, Rise48 will rename the asset as “Rise at The Preserve” by installing a new monument sign and applying new exterior paint to the property. The company plans to renovate 100% of the interiors and will add washers and dryers in each unit.
Rise48 Equity has completed a total of $ 215,326,000 in transactions since 2019 and currently has $ 175,326,000 in assets under management, all in the Phoenix MSA. They are on track to spend over $ 250,000,000 on new apartment acquisitions in Phoenix in 2021.
Rise48 Equity CEO Zach Haptonstall said, “Cascada Del Sol presents an excellent opportunity to significantly increase asset value and generate strong returns for our investors. It’s rare to find a property in Phoenix now where we can renovate 100% of the interiors, install washer / dryers in every unit, and add amenities. We are starting our business plan today and are excited to serve our investors.
Rise48 Equity is a Phoenix-based multi-family investment group. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash flow. Our team brings its expertise to acquire, reposition and return capital to investors once our business plan has been achieved. Through our research and strategically formed partnerships, we acquire multi-family commercial apartments, strategically add value to properties and create passive income for our investors through cash flow and profits from the sale.