Rise48 Equity called its latest Dallas-Fort Worth multifamily property acquisition a “B-plus asset in an A-plus location.”
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The multifamily investment group plans to spend $6M on a capital improvement program designed to revitalize the newly renamed Rise Trinity property at 2500 Guerrero Drive in Carrollton. The Carrollton submarket has an average household income of around $120K within a 1-mile radius of the community formerly known as The Holden.
Rise48 didn’t disclose the amount it paid for the 320-unit development, but the Dallas Central Appraisal District lists the property’s 2026 appraised value as $57.6M. Pecos Housing Finance Corp. previously owned it.
“Rise Trinity is one of the strongest cash-flowing acquisitions we've made in over three years, and it represents exactly the type of asset our platform is built to reposition,” Rise48 CEO Zach Haptonstall said in a statement.
The company plans to complete all deferred maintenance at the property and install in-unit washers and dryers, update the property’s roofs and HVAC units, and add new amenities such as pickleball courts, playground equipment and a dog park. Haptonstall said he expects the changes will stabilize occupancy and elevate the resident experience.
Occupancy sits under 84% at the 45-year-old Carrollton property. Rise48 aims to bring the community in line with the nearly 93% occupancy rate it has for its 15 other DFW properties.
DFW's third-quarter vacancy rate of 9.4% marked the first year-over-year decline for the metric since early 2022, according to the latest data from Cushman & Wakefield. The Q3 vacancy rate for the Farmers Branch-Carrollton submarket was just under 8%.
Rise48 acquired nearly all of its DFW properties since the beginning of 2023, as the firm focuses on value-add communities in DFW, Phoenix and several cities in North Carolina. The company manages more than $2.1B in assets across those locations.
The firm’s last DFW acquisition was the 248-unit Shiloh Oaks Apartments in Garland that it rebranded as Rise Apollo Heights. The investment group bought the more than 40-year-old, Class-B property in an off-market deal in which Rise48 saved more than 30% off the community’s peak valuation from 2022.
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