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PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans.
Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint building exteriors, as well as update the leasing office, fitness center, pool area and lighting fixtures around the complex.