By Angela Gonzales | Phoenix Business Journal
Scottsdale-based Rise48 Equity — which is on track to close on $550 million in metro Phoenix apartments in 2021 — has formed its own property management company to manage all its own communities.
To be called Rise48 Communities, the new property management firm will take over management of Marble Creek, a 244-unit apartment community Rise48 Equity is in escrow to close on Nov. 18.
Rise48 Equity is under contract with Canada-based Western Wealth Capital to pay $62.22 million for Marble Creek, 5601 W. McDowell Road in Phoenix — its biggest purchase to date. Western Wealth also has been busy gobbling up properties in metro Phoenix.
“That will be the first property we’ll be taking over with our new management company,” said Zach Haptonstall, co-founder and CEO of Rise48 Equity.
“By the end of the year, we’ll take over all our current assets; managing 3,000 units across all 18 assets in metro Phoenix,” he said.
Haptonstall said he’s noticed turnover at other property management companies as employees leave their positions for higher paying jobs and better benefits.
“We plan to pay higher wages and give the best benefits to employees so we can not only recruit better people but retain the best talent and have full control,” he said. “We raise all of our own money from our investors — everyday people. This allows us to have more control and have the best performance of the assets so we can get the best results for our investment in the communities.”
Haptonstall said he plans to hire 50 people for the new property management firm, adding to Rise48 Equity’s staff of 16.
“We’ll have around 75 or 80 total by the end of the year,” he said.
Plans call for covering 100% of all employee benefits and 50% for family members, he said.
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