Rise at Highland Meadows Apartments (LP)

[Daniel Frank]

Investment Info:

Large multi-family (5+ units) commercial investment investment.

Purchase price: $39,050,000
Cash invested: $150,000

328 unit apartment complex in Dallas, TX.

[Bruce Lynn]

I saw the pitch and know the area.  I think this will be a decent deal. Rise48 seems to be a good operator.  I think there are some questions about some of the other recent deals they've pitched.  They're probably not different than other operators pitches, but when they advertise a Garland deal being close to SMU...I'm sorry probably not one student, one faculty member, or even one SMU employee lives in that development.   Seems like every Ft. Worth pitch now claims to be close to TCU.   When operators mention employer names or area amenities, they should look at where their actually tenants work and pitch that vs just big name companies whose employees might not ever live in the building.
They always pitch no capital calls, but will be interesting to see how investors fair after inhouse loans will be paid off to the properties they needed to do that with.  I think they're probably any organization out there buying deals today.

SInce you are east coast based, have you seen any of their NC deals?  If so, what have you thought of those?