PHOENIX — Rise48 Equity has acquired Spring, a 186-unit garden-style property in Phoenix, from Living Well Homes for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA) represented the seller. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged the acquisition financing.
Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets, and patios or balconies. The average unit size is 830 square feet.