Rise48 Equity Buys Phoenix-Area Portfolio for $107M

The Standard on Country Club SPL Cos. has sold three communities, totaling 462 units in…

The Standard on Country Club

SPL Cos. has sold three communities, totaling 462 units in Mesa and Glendale, Ariz., for $107.1 million. Rise48 Equity LLC acquired the portfolio, planning to close on the fourth property in April. Northmarq Phoenix’s Debt & Equity team represented the seller.

The Standard on Country Club, the 271-unit community in Mesa, is set to be rebranded as Rise on Country Club, according to the firm’s official Facebook page. Rise48 Equity paid $60.6 million for the property, which last changed ownership in 2013 for $9.1 million.

The portfolio also included the 131-unit Standard West and the 60-unit Standard 59, located in Glendale. The firm acquired the properties for $31.7 million and $14.75 million, respectively. BrightSpire Capital provided a total of $38.7 million in financing for the two properties.

Portfolio breakdown

Spanning across 7.5 acres, The Standard on Country Club comprises 14 buildings with studio, one- and two-bedroom apartments, averaging 513 square feet. Common-area amenities include a volleyball and basketball court, two swimming pools, three laundry facilities and a playground. Located at 1903 N. Country Club Drive, the community is within 3 miles of retail and dining options, as well as Riverview Park.

The Standard West

The Standard West encompasses nine buildings and a mix of one- and two-bedroom floorplans, ranging from 552 to 852 square feet with in-unit washers and dryers, a spa and a swimming pool. Located at 8080 N. 51st Ave., the community is less than a mile from Walmart Supercenter and within 2 miles of Murphy Park and its surroundings.

The third community, located at 5920 W. Laurie Lane, offers one- and two-bedroom apartments, from 590 to 890 square feet. Community amenities include a swimming pool, laundry facilities and covered parking. The property is within a mile of some retail options and one mile and a half from Floralcroft Historic District.

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Just last month, Rise48 Equity acquired Portola at Grovers Park and Portola West Valley, a two-property portfolio, totaling 365 units in Phoenix for $96.4 million.