Rise48 has acquired The Lure Apartments (a 144-unit multifamily community) in Dallas. The property will be rebranded to “Rise Highland Park” and is located in the Uptown Dallas submarket within the Dallas MSA.
Rise48 Equity has plans to revitalize The Lure Apartments/Rise Highland Park with an investment of over $3.5 Million. Property renovations at the property. Interior upgrades will include quartz countertops, kitchen backsplash, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting. Exterior upgrades will include fresh paint, a new LED-backlit monument sign, and new marketing banners around the property. Additionally, they will install washers and dryers into 84% of the units.
The community features floorplans of 1-3 bedrooms and 1-3 bathrooms from 650 to 1,200 square feet. Outdoor amenities include dog park, pool, cabana and outdoor kitchen. The community is located within the Medical District, home to multiple medical facilities including Parkland Memorial Hospital, UT Southwestern Medical Center, and Children’s Medical Center Dallas.
Rise48 Equity’s Zach Haptonstall said, “The combination of the premium location in Uptown Dallas, the 1998 vintage, and the significant value-add upside made this a great opportunity for our investors. We started executing on the business plan immediately after takeover.”
Rise48 Equity was formed in 2019 by Zach Haptonstall, Bikran Sandhu, and Robert Szewczyk. The company is based locally in Phoenix with an office in the Biltmore area. Since 2019, they have acquired over 3,000+ apartment units and completed over $791M+ worth of apartment transactions in the Phoenix metro. At Rise48 Equity, we provide multifamily investment opportunities for accredited and sophisticated investors to protect and grow their wealth. Our team brings expertise to acquire, reposition and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multifamily apartment properties, strategically add value to the properties, and create passive income for our investors through cash-flow and profits from sale.
