Rise48 Equity has picked up Avenue 8, a 194-unit garden-style apartment community located at 1050 West 8th Avenue in Mesa. Stoneweg was the seller. Stoneweg and Varia paid $21 million for the project in 2017. Newmark’s Brett Polachek, Chris Canter and Brad Goff represented the seller
Rise48 says it is ready to begin an immediate makeover of many of the complexes components.
Avenue 8 features two-bedroom/two-bathroom units averaging 1,100 square feet. All units private patios or balconies and abundant storage. The community offers a strong amenity package, including a swimming pool and spa, fitness center, a spacious pet park and covered parking.Â
Avenue 8 provides residents access to local dining, arts and culture venues, Mesa Riverview, Tempe Marketplace and major employment hubs.
This is Rise48’s 20th Phoenix transaction. It has 12,000 units with an AUM of $2.1 billion.
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