RALEIGH — Rise48 Equity has acquired Atria at Crabtree Valley in Raleigh and will rebrand the property Rise Bluestone. Located at 4601 Baymar Drive, the community was developed in 1987. Rise48 is planning a value-add renovation program across all units that will include new vinyl plank flooring, resurfaced countertops and updated finishes. From a service standpoint, Rise48 will install a bulk cable and internet program and as well as new carport parking. The Arizona-based company says these efforts are expected to result in a monthly rental rate increase of approximately $91 per unit while also remaining comparatively affordable in the market. Along that vein, in partnership with Raleigh Housing Authority, Rise48 will receive an approximate 90 percent reduction in property tax costs in exchange for maintaining rent caps at 80 percent of area median income.
Rise48 Equity has acquired a 268-unit property in Raleigh, N.C., and is planning to renovate units and install bulk internet and cable services. The property was formerly known as Atria at Crabtree Valley. It will be rebranded Rise Bluestone.
Rise48 Equity Buys Raleigh, North Carolina, Property, Plans Renovations and Institutes Rent Caps
2