Rise48 Equity Enters Charlotte Market with Two Acquisitions

Rise48 Equity acquired two Charlotte rental communities, W Flats Apartments (247 units) and Matthews Pointe Apartments (100 units). Both properties will be renamed “Rise Blue Ridge” and “Rise Matthews Pointe,” respectively.

These acquisitions mark the company’s 52nd and 53rd acquisitions since 2019 and its first two transactions in the Charlotte MSA. Zach Haptonstall of Rise48 Equity added, “We are excited to enter the North Carolina market with these two new acquisitions. North Carolina has been a market we have targeted for some time due to its strong fundamentals of population growth, job growth and high median income relative to affordable rents.”

Rise48 Equity plans to invest more than $7 million to revitalize the W Flats Apartments and Matthews Pointe Apartments. Renovations at both properties will include quartz countertops, kitchen backsplash, plumbing fixtures, stainless steel appliances, vinyl plank flooring and upgraded lighting. Exterior improvements will include paint, a new LED-lit memorial sign and improved marketing banners.