Scottsdale investor Rise48 snags apartment asset at ‘massive discount’

Article originally posted on Phoenix Business Journal on March 30, 2026

Scottsdale-based Rise48 Equity is back in acquisition mode after taking a break during an oversupplied multifamily market.

Rise48 Equity just bought a 194-unit multifamily community at 1050 W. 8th Ave. in Mesa that was built in 1986. Closing on March 20, Rise48 Equity paid $33.8 million for the property, which was 92% occupied when the transaction closed, said Zach Haptonstall, CEO and co-founder of Rise48 Equity.

Haptonstall noted that the acquisition marked a “massive discount” of roughly 40% off peak pricing.

“The biggest challenge the last two or three years has been the oversupply of new housing,” said Haptonstall. “All these new Class A luxury apartments got delivered in 2024, 2025 and this year. What that did was there was more housing supply than demand.”

By the end of 2026, Haptonstall expects this new supply will mostly be absorbed.

“We think things will get better going into 2027,” he said. “We think right now is the bottom of the market for these multifamily real estate deals.”

The property also is a gem because all the units are two-bedroom, two-bath units, which is rare for a multifamily development, he said. Every unit is also 1,100 square feet, which offers enough room to add washers and dryers to each unit, he said.

This transaction follows the $24.25 million acquisition of a 154-unit apartment community nearby at 132 E. Brown Road in Mesa. That deal, which closed Oct. 1, was Rise48 Equity’s first acquisition in over 2.5 years in the Phoenix market because of high interest rates, high new supply of apartments and very limited inventory.