Scottsdale-based real estate investor Rise48 Equity has picked up a 108-unit apartment complex in north Phoenix for $21.7 million, closing the deal on Tuesday. It is the firm's third multifamily buy of 2026 and folds another property into a Valley portfolio the company markets under its Rise brand. Company materials now refer to the asset as Rise at The Northern, with a mix of one- and two-bedroom apartments, and the sale keeps outside capital flowing into older garden-style stock across Phoenix.
Deal details
As reported by Phoenix Business Journal, Rise48 paid $21.7 million for the complex at 17840 N. Black Canyon Highway. The company lists an acquisition date of June 25, 2026, and a unit mix of 44 one-bedroom and 64 two-bedroom homes, with a projected two- to five-year hold. Company materials describe the capital stack as nonrecourse financing paired with a 506(b) syndication structure.
The property
The community, previously marketed as The Northern, dates back to 1983 and totals roughly 106,000 square feet across garden-style buildings, according to listing information on Apartments.com. Current online listings show one- and two-bedroom floor plans along with standard amenities such as a pool and on-site laundry, features that line up with typical workforce housing in the Deer Valley and Black Canyon corridor. There is no public redevelopment plan tied to the sale at this time.
Why investors are buying in Phoenix
Investors have stayed active in Phoenix as new apartment completions slow and occupancy remains solid, creating openings for value-add buyers who want current cash flow plus upside from renovations. Berkadia's Q1 2026 Phoenix market report points to resilient leasing fundamentals that are supporting demand for rentals across the metro, which helps explain why deals like this keep getting done. That backdrop has pushed many local firms to focus on acquiring and upgrading existing buildings instead of pursuing ground-up development.
Rise48's Valley push
Rise48's portfolio page highlights a string of Phoenix-area acquisitions and rebrands in recent years, with the company noting that its Rise48 Communities arm oversees on-site management and renovation work. The firm presents its playbook as short- to mid-term holds that are repositioned, then either kept or sold, a strategy it says has delivered outsized returns for investors on earlier exits. For tenants, that typically means a new management company and phased interior and exterior upgrades rather than an immediate, large-scale redevelopment effort.
For the original reporting on the sale, see Phoenix Business Journal.
