By Angela Gonzales | Phoenix Business Journal
Zach Haptonstall was making more than $200,000 a year running a hospice company in Scottsdale.
By the time he was 23, he was making more money than his parents combined and already owned his own home. But in 2018, he was burned out, and sold his share of Sage Hospice.
He didn’t quite know what he wanted to do, and blew through a lot of his savings thinking about it.
In early 2019, he figured he would try his hand in the multifamily industry, co-founding Rise48 Equity LLC in Scottsdale.
Over the past 18 months, Rise48 Equity has purchased 536 apartment units for more than $63 million.
His latest acquisition is the 116-unit Paseo 51 Apartments at 5215 W. Peoria Ave. in Glendale for $15.45 million, which closed on Sept. 25. Phoenix-based ABI Multifamily brokered the deal.
The seller in the deal was a limited liability company tracing back to Benedict Canyon Equities, a private equity firm in California, according to Vizzda LLC, a Tempe-based real estate data firm.
With a whetted appetite, Haptonstall says he plans to spend $250 million for apartments across the Valley in 2021.
“We have been syndicating our deals up to this point and we’re now actively talking to private equity groups to start to scale up and take down much larger buildings,” said Haptonstall, a Cronkite journalism graduate from Arizona State University who earned his MBA at Grand Canyon University.
The average occupancy of his portfolio is between 96% and 97%.
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