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?

[Daniel Frank]

So far so good, Rise48 seems to be a professional operator.  I'm glad they branched out from Phoenix.  I haven't seen any of their NC deals, but I'm in a capital building phase right now, so haven't really been looking at any deals for the past year.

[Bruce Lynn]

Sorry I tried to update that post yesterday, but I don't think the update took.  That deal is in a fairly tough area, but I think they got it at a good price, and if anyone can make it work, probably Rise48 is a great operator to take that one on.   They may have to put their best PM on that one.  

Not Rise 48, but just saw one in a tougher part of Dallas change teams.  It went from something like the #1 property on the police dispatch log, to totally turn around.  Team ousted all the hooligans over a year and filled it with women and kids and now performing well.  People matter.  Right team, right attitude, right maintenance can make some tough assets work out.