Rise48 Equity, a Phoenix‑based investment firm, disclosed a $6 million capital‑improvement program for the 320‑unit Rise Trinity apartment community in Carrollton, according to Hoodline. The property, located at 2500 Guerrero Drive and formerly known as The Holden, has seen its occupancy dip below 84%, well under the near‑93% average reported across Rise48’s other 15 Dallas‑Fort Worth assets.
Described by the firm as a “b‑plus asset in an a‑plus location,” Rise Trinity sits in a submarket where the average household income is about $120,000 within a one‑mile radius, Hoodline reports. The Dallas Central Appraisal District valued the 45‑year‑old complex at $57.6 million this year, though Rise48 has not disclosed its purchase price from former owner Pecos Housing Finance Corp.
The renovation plan will address deferred maintenance, replace roofs and HVAC units, and add in‑unit washers and dryers. New amenities slated for installation include pickleball courts, playground equipment and a dog park, Hoodline adds. Rise48 CEO Zach Haptonstall called Rise Trinity “one of the strongest cash‑flowing acquisitions we’ve made in over three years,” saying the upgrades are intended to stabilize occupancy and elevate the resident experience.
Rise48’s investment comes as the broader Dallas‑Fort Worth rental market tightens. Cushman & Wakefield data cited by Hoodline shows market vacancy at 9.4% for the third quarter of 2026, marking the second consecutive quarterly decline and the first year‑over‑year drop since early 2022. The Farmers Branch‑Carrollton submarket recorded an even tighter vacancy rate of just under 8% in the same period.
Construction activity in the region is also slowing. Units under construction fell to 29,700 in the third quarter, down 13.6% from the prior quarter and 28.6% from a year earlier, according to the same report. Despite the slowdown, net absorption exceeded 26,700 units year‑to‑date, a 27.7% increase over the prior year, while effective rents averaged $1,461 per unit, 2.0% lower than a year ago. Sales activity remained robust, with almost 130 transactions covering just under 31,000 units and $479.9 million in volume recorded so far this year.
Rise48 has focused on value‑add communities across DFW, Phoenix and several North Carolina cities since early 2023, managing more than $2.1 billion in assets, Hoodline notes. The firm’s recent DFW acquisition before Rise Trinity was the 248‑unit Shiloh Oaks Apartments in Garland, rebranded as Rise Apollo Heights after being purchased at a discount of more than 30% off its 2022 peak valuation.
While no specific completion date was provided, the announced improvements signal a significant investment in Carrollton’s rental housing stock, aiming to enhance living conditions for current and future residents.
Sources: hoodline.com
