Rise SPRING Pointe

We are excited to announce that we are partner with Rise48 Group to acquire Copperfield Apartments, which we will rebrand to “Rise Spring Pointe” in Dallas-Fort Worth, Texas. Rise Spring Pointe is 323 units built in 1984. The property is a B+ class asset located in a B+ location of the Dallas-Fort Worth MSA. It offers immense upside with the opportunity to renovate 100% of classic interiors.

We sourced this deal completely off-market with no competition from anyone else.

ABOUT DALLAS-FORTH WORTH MARKET

• Rent Growth: Dallas-Fort Worth ranks among the top markets in the western US.

• Population Growth Dallas-Fort Worth was ranked the #1 metro in the US for population growth from 2020-2021 (US Census Bureau).

• Job Growth Dallas-Fort Worth ranked #2 for job growth in the US in 2022 (US Bureau of Labor Statistics).

PROPERTY AND BUSINESS PLAN

Rise Spring Pointe is a B+ class asset located in a B+ submarket of Dallas-Fort Worth, Texas. The property is located in the premium South Fort Worth submarket. It is nestled in between major freeway systems like the I-20 and I-35, which allows tenants to reach major employment hubs within minutes.

• The asset is only 1 mile from Texas Health Harris Methodist Hospital Southwest Fort Worth (1,900+ employees) and 4 miles away from Texas Christian University (2,200+ employees).

• The asset is only 7 miles away from Alcon’s US headquarters, one of the largest employers in Fort Worth with over 4,500 employees.

• The property offers a significant value-add opportunity, as 100% of the units have classic interior finishes, which we will renovate to our platinum interior program with new vinyl plank flooring, quartz countertops, stainless steel appliances, brand new cabinets, and other interior features. In addition, we will add washers and dryers to 100% of the interiors to achieve an additional $50+ rent increase per unit.

• In addition, we will completely rebrand the asset to “Rise Spring Pointe” with new exterior paint, a new monument sign, and improved marketing banners.

APPROXIMATE INVESTOR RETURNS

• Equity Multiple: 1.88x - 1.98x

• Avg. Annual Return (AAR): 17.7% - 19.7%

• Avg. Cash Flow: 5.4%

• Preferred Return: 7%-8%

• IRR: 17.7% - 19.7% 

• Hold Period: 2 to 5 years 

• Planned Distributions and Reporting: Monthly 

DEAL TIMELINE

• Deal Launch: 2/1/24

• PPM Deadline: 2/16/24

• Funding Deadline: 2/21/24

• Closing: 3/8/24

Please find more info below

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• Investment Deck and its’ explanation webinar

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