Rise48 Equity secures 50th property with acquisition of Mosaic Apartments in Texas
Rise48 Equity, a prominent multifamily investment group, today announced its acquisition of Mosaic Apartments, located in the Dallas-Fort Worth (DFW) area of Texas. This 288-unit complex, purchased off-market, represents the company’s 50th acquisition since 2019 and its 10th in the Dallas MSA. The acquisition is part of Rise48 Equity’s ongoing strategy to strengthen its presence in Texas. The property will soon be rebranded as Rise Fossil Creek, with Rise48 Equity planning over $7 million in renovations to enhance the complex.
The comprehensive renovation plan for Rise Fossil Creek includes platinum-level interior upgrades such as new shaker doors, quartz countertops, stainless steel appliances, and vinyl flooring. The exterior will undergo a transformation featuring fresh three-tone paint, pool area improvements, and new marketing banners, among other enhancements. These upgrades aim to elevate the living experience for residents and enhance the property’s marketability.
Zach Haptonstall, CEO and Co-Founder of Rise48 Equity, expressed enthusiasm about the acquisition: “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.”
Since its inception, Rise48 Equity has transacted over $2.19 billion and currently manages more than $1.75 billion in assets, all through its vertically integrated property management company, Rise48 Communities. Based in Dallas, TX, and Phoenix, AZ, the company specializes in the acquisition, repositioning, and capital management of properties, delivering strategic returns for its partners and creating wealth-building opportunities for both accredited and non-accredited investors.
Rise48 Equity’s acquisition of Mosaic Apartments underscores its aggressive growth strategy and deep market penetration in Texas. The planned renovations are not only expected to enhance the asset’s value but also to improve tenant satisfaction, making this a prudent investment with potentially high returns. This approach reflects a robust understanding of the multifamily market dynamics and a commitment to operational excellence.