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PHOENIX — Rise48 Equity has acquired Spring, a 186-unit multifamily community in Phoenix. Living Well Homes sold the garden-style property for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing.
Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets and patios or balconies. The average unit size is 830 square feet.