By Angela Gonzales | Phoenix Business Journal
Zach Haptonstall has been busy, to say the least.
The co-founder of Scottsdale-based Rise48 Equity LLC — which has $1.06 million in multifamily assets under management in metro Phoenix — is starting his own construction firm to handle renovation projects of the apartments he’s buying.
This move follows last fall’s creation of his own property management firm to manage all the apartment communities owned by Rise48 Equity.
“We’re taking construction in-house so we can control our skilled labor,” he said. “We’re going to start hiring for that.”
He’s also looking at warehouse space, somewhere between 20,000 and 40,000 square feet to store construction supplies.
“We want to make sure we insulate ourselves and become vertically integrated, so we’re not vulnerable to any macro supply chain issues,” he said. “We’re going to buy large box trucks and stockpiling our own warehouse for these renovations.”
He also recently paid $5.7 million for a 20,000-square-foot office building at 8324 E. Hartford Drive, Scottsdale, that is now the company’s new headquarters.
After hiring his first employee in March 2021, the company now has more than 100 full-time employees with benefits, he said. They moved into their new headquarters earlier this month.
With 4,538 units within 25 properties under management, Rise48 Equity is in escrow for two more properties totaling $200 million.
One of those deals is the acquisition of a $75 million community near the former Metrocenter Mall expected to close this month, and the other $125 million property in southwest Phoenix will close by the end of July, he said.
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