Real Estate

Rise48 Equity Buys Phoenix-Area Portfolio for $107M

The Commonplace on Nation Membership

SPL Cos. has bought three communities, totaling 462 items in Mesa and Glendale, Ariz., for $107.1 million. Rise48 Fairness LLC acquired the portfolio, planning to shut on the fourth property in April. Northmarq Phoenix’s Debt & Fairness crew represented the vendor.

The Commonplace on Nation Membership, the 271-unit neighborhood in Mesa, is about to be rebranded as Rise on Nation Membership, based on the agency’s official Fb web page. Rise48 Fairness paid $60.6 million for the property, which final modified possession in 2013 for $9.1 million.

The portfolio additionally included the 131-unit Commonplace West and the 60-unit Commonplace 59, situated in Glendale. The agency acquired the properties for $31.7 million and $14.75 million, respectively. BrightSpire Capital offered a complete of $38.7 million in financing for the 2 properties.

Portfolio breakdown

Spanning throughout 7.5 acres, The Commonplace on Nation Membership includes 14 buildings with studio, one- and two-bedroom flats, averaging 513 sq. ft. Widespread-area facilities embody a volleyball and basketball court docket, two swimming swimming pools, three laundry amenities and a playground. Situated at 1903 N. Nation Membership Drive, the neighborhood is inside 3 miles of retail and eating choices, in addition to Riverview Park.

The Commonplace West

The Commonplace West encompasses 9 buildings and a mixture of one- and two-bedroom floorplans, starting from 552 to 852 sq. ft with in-unit washers and dryers, a spa and a swimming pool. Situated at 8080 N. 51st Ave., the neighborhood is lower than a mile from Walmart Supercenter and inside 2 miles of Murphy Park and its environment.

The third neighborhood, situated at 5920 W. Laurie Lane, presents one- and two-bedroom flats, from 590 to 890 sq. ft. Neighborhood facilities embody a swimming pool, laundry amenities and lined parking. The property is inside a mile of some retail choices and one mile and a half from Floralcroft Historic District.

Simply final month, Rise48 Fairness acquired Portola at Grovers Park and Portola West Valley, a two-property portfolio, totaling 365 items in Phoenix for $96.4 million.

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