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: Rise48 Equity
SOURCE Rise48 Equity