An Arizona-based investor has added to its North Texas holdings with the purchase of a Mesquite apartment community.
Rise48 Equity acquired Pecan Ridge apartments, a 210-unit rental community at 3236 N. Galloway Ave.
The new owner plans to spend more than $5 million on upgrades to the property and will rebrand it as Rise Town East. Renovations will include pool upgrades, landscaping, exterior renovations and a remodeled gym.
The Mesquite apartment buy is Rise48 Equity’s eighth acquisition in the Dallas area.
“It was a rare opportunity where we purchased the asset from the original owner who owned the deal since it was built 39 years ago,” Rise48 Equity CEO Zach Haptonstall said in a statement. “There’s significant value-add upside for us to execute our business plan on behalf of our investors.
“We own a deal across the street, so it’s nice to have economies of scale of over 400 units in this immediate area.”
Rise48 Equity has now purchased 48 apartment properties in Texas and Arizona since the company was formed in 2019. The investor has offices in Phoenix and Dallas and has done more than $2 billion in transactions.
Dallas-Fort Worth is the country’s top apartment investment market with more than $6.8 billion in properties sold through the first nine months of 2023.
