Rise48 Equity Acquires N. Phoenix Rental Community
Tailwind Investment Group offloaded Rise at the Northern, a 108-unit apartment community at 17840. N. Black Canyon Highway in far north Phoenix. Rise48 Equity paid $21.7 million for the multifamily venture.
Rise48 Equity pre-empted the offer process and submitted a full-price offer with a non-refundable deposit on Day 1. Northmarq’s Phoenix Investment Sales (IS) team of Jesse Hudson, Chris Michl and Logan Baca arranged the sale for Tailwind.
The property, formerly known as The Northern, was built in 1983. Situated on 3.62 acres within the Deer Valley submarket Rise at the Northern consists of four three-story residential buildings with a mix of one- and two-bedroom floor plans averaging 868 square feet. At the time of sale, approximately 20% of units had been renovated. Rise48 Equity plans a light value-add renovation across 100% of the units.
Community amenities include a swimming pool with lounge chairs and shade structures, heated jacuzzi, outdoor dining area and ramada, fitness center, and picnic area and BBQ grills.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout