The Copperfield Apartments sit at South Hulen Street and Granbury Road.
Rise48 Equity, an Arizona-based multifamily investment group, on Wednesday announced it had acquired Copperfield Apartments, a 323-unit complex in southwest Fort Worth.
Terms were not disclosed.
The firm said it plans to invest more than $9 million in revitalizing that complex, which will be rebranded as Rise Spring Pointe.
“We're excited to have acquired Copperfield Apartments off-market at a very low basis,” said Rise48 Equity CEO and co-founder Zach Haptonstall in a statement. “It presents a great value-add opportunity for us in a strong submarket in Fort Worth with a lot of growth. Our team is hungry to get to work and execute the plan for our investors.”
Rise48 Equity is a multifamily investment group with offices in Phoenix and Dallas. Since 2019, Rise48 Equity has transacted more than $2.15 billion and currently holds over $1.71 billion in assets under management, according to a press release, all overseen by its property management company, Rise48 Communities.
This acquisition marks the company's 49th since 2019 and its ninth in the Fort Worth-Dallas market.