Rise48 Equity, a multifamily investment group, recently announced their recent acquisitions of W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units) in Charlotte, NC. Both properties will be rebranded to “Rise Blue Ridge” and “Rise Matthews Pointe,” respectively and are located in premium submarkets within the Charlotte MSA.
These acquisitions mark a significant milestone as the company’s 52nd and 53rd acquisitions since 2019 and its first two deals in the Charlotte MSA, expanding their footprint to the East Coast.
Rise48 Equity has plans to revitalize W Flats Apartments and Matthews Pointe Apartments with an investment of over $7 million. Property renovations at both properties will include:
- Platinum-level interior upgrades: New white cabinet boxes with shaker doors, quartz countertops, subway style kitchen backsplash, plumbing fixtures, stainless steel appliances, vinyl plank flooring, and updated lighting.
- Transformative exterior: Fresh 3-tone paint, a new LED-backlit monument sign, and improved marketing banners.
Rise48 Equity CEO and Co-Founder, Zach Haptonstall, said in a statement “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 the affordable rents. We have strong local staff and the foundation to scale in the market for years to come. Thank you to all of our investors for partnering with us on these two great opportunities. Our Charlotte team has already started on the business plans for these two assets.”
