Rise48 Equity Acquires 210-Unit Pecan Ridge Apartments In Mesquite, Plans $5M In Upgrades
3236 North Galloway Avenue
Building Size
—
Asset Type
MultiFamily
Closing
Jan 2, 2024
AI
Rise48 Equity, led by CEO Zach Haptonstall, has acquired the 210-unit Pecan Ridge apartments in Mesquite, Texas. The property, located at 3236 North Galloway Avenue, will be rebranded as Rise Town East after undergoing over $5 million in upgrades. This acquisition marks Rise48 Equity's eighth investment in the Dallas-Fort Worth area.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: Not specified
- Market: Mesquite
- Units: 210
Rise48 Equity, with CEO Zach Haptonstall at the helm, continues to expand its portfolio in Dallas-Fort Worth with the acquisition of Pecan Ridge apartments. This transaction highlights the firm's commitment to investing in the region and its plans to revitalize the property.
Avenue MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93