Arizona-based Rise48 is finding success in Raleigh. Less than a year after entering the market, the company made its third investment in Charlotte, paying $24.5 million for the Stone Gate Apartments at 950 Southwood Oak Lane. Rise48 purchased the property from Highlands Ranch, which paid $20.2 million for it in 2021. Rise Stone Gate is currently 91% occupied.

Rise48 will rebrand the property to Rise Stone Gate. The 144-unit property has one- and two-bedroom units, with rent starting at $1,155 per month for a one-bedroom and $1,265 per month for a two-bedroom.

The Atlanta Business Chronicle reports Rise48 was able to buy the property at a discount and that the company will invest $3.2 million into interior and exterior upgrades.

Last summer, Rise48 acquired two other Charlotte rental communities, the W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units). Both properties were rebranded.

Rise48 Equity acquired two Charlotte rental communities, the W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units). Both properties will be rebranded to “Rise Blue Ridge” and “Rise Matthews Pointe,” respectively. 

These acquisitions mark the company’s 52nd and 53rd since 2019 and its first two deals in the Charlotte MSA. Rise48 Equity’s Zach Haptonstall adds, “We’re excited to have entered the North Carolina market with these two new acquisitions. North Carolina has been a market that we’ve been targeting for a while due to its strong fundamentals of population growth, job growth, and strong median income relative to affordable rents.”

Rise48 Equity plans to invest over $7 million in revitalizing W Flats Apartments and Matthews Pointe Apartments. Renovations at both properties will include quartz countertops, kitchen backsplashes, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting. Exterior improvements will include paint, a new LED-backlit monument sign, and improved marketing banners.