A 320-unit apartment complex in Carrollton is getting a $6 million makeover after its occupancy slipped below 84%, well under the near-93% average Rise48 Equity reports across its other 15 Dallas-Fort Worth properties. The Phoenix-based investment firm recently acquired the property at 2500 Guerrero Drive, formerly known as The Holden, and has rebranded it Rise Trinity as part of a broader repositioning push.
Rise48 describes Rise Trinity as a “b-plus asset in an a-plus location,” according to Bisnow. The 45-year-old property sits in a submarket where the average household income runs around $120,000 within a one-mile radius, per the same report. The Dallas Central Appraisal District valued the property at $57.6 million this year, though Rise48 has not disclosed what it actually paid to acquire the complex from previous owner Pecos Housing Finance Corp.
What Rise48 Plans to Fix
The capital improvement program will cover deferred maintenance throughout the property, along with updated roofs and HVAC units, Bisnow reports. Rise48 also intends to install in-unit washers and dryers and add amenities including pickleball courts, playground equipment and a dog park.
Rise48 CEO Zach Haptonstall called Rise Trinity “one of the strongest cash-flowing acquisitions we've made in over three years” and said it fits the company's repositioning platform, according to Bisnow. He said he expects the improvements to stabilize occupancy and elevate the resident experience at the property.
A Cooling But Still Tight DFW Market
Rise Trinity's struggles stand out against a broader Dallas-Fort Worth market that has been tightening. Market vacancy closed the third quarter of 2026 at 9.4%, according to Cushman & Wakefield, marking the second consecutive quarterly decline and, per Bisnow's reporting on the same data, the first year-over-year drop since early 2022. The Farmers Branch-Carrollton submarket recorded an even tighter vacancy rate of just under 8% in the third quarter.
The region's construction pipeline has also been shrinking. Units under construction totaled 29,700 in the third quarter, down 13.6% from the prior quarter and 28.6% from a year earlier, Cushman & Wakefield's data shows. Meanwhile net absorption exceeded 26,700 units year to date, a 27.7% increase over the same period last year, even as effective rents averaged $1,461 per unit — 2.0% below where they stood a year ago. Sales activity has kept pace too, with almost 130 transactions encompassing just under 31,000 units and $479.9 million in volume recorded so far this year, per the same report.
Rise48's DFW Playbook
Rise48 has acquired nearly all of its Dallas-Fort Worth properties since the start of 2023, and the firm says it focuses on value-add communities across DFW, Phoenix and several North Carolina cities. Per its own materials, the company manages more than $2.1 billion in assets and says its property management arm, Rise48 Communities, controls all day-to-day operations, renovations and teams at its properties, according to rise48equity.com.
The firm's last DFW acquisition before Rise Trinity was the 248-unit Shiloh Oaks Apartments in Garland, bought in an off-market deal and rebranded Rise Apollo Heights — a name now reflected in the company's own community listings at rise48communities.com. Rise48 said it saved more than 30% off that property's 2022 peak valuation, according to Bisnow. Separate reporting on the Garland deal described Shiloh Oaks as a more than 40-year-old Class B property and detailed plans to acquire it at a discount of over 30% from peak valuations reached 18 to 36 months prior, with renovations planned for 217 of its 248 units, according to ConnectCRE.
Company materials also note that Rise48's broader portfolio includes 11 completed disposition sales and seven 1031 exchanges, underscoring a transaction-heavy strategy that now extends to Rise Trinity's Carrollton overhaul.
