Phoenix-based Rise48 Equity — which is on track to close on $550 million in metro Phoenix apartments in 2021 — has formed its own property management company to manage all its own communities.
To be called Rise48 Communities, the new property management firm will take over management of Marble Creek, a 244-unit apartment community Rise48 Equity is in escrow to close on Nov. 18.
Rise48 Equity is under contract with Canada-based Western Wealth Capital to pay $62.22 million for Marble Creek, 5601 W. McDowell Road in Phoenix — its biggest purchase to date. Western Wealth also has been busy gobbling up properties in metro Phoenix.
"That will be the first property we'll be taking over with our new management company," said Zach Haptonstall, co-founder and CEO of Rise48 Equity.
"By the end of the year, we'll take over all our current assets; managing 3,000 units across all 18 assets in metro Phoenix," he said.
To continue reading,click here. By Angela Gonzalez, Senior Reporter - Phoenix Business Journal