Rise48 Plans $6M Revamp of Carrollton Apartment Community

Rise48 Equity has acquired a 320-unit multifamily property at 2500 Guerrero Drive in Carrollton, now renamed Rise Trinity, and plans a $6 million capital improvement program. The community was previously known as The Holden and was owned by Pecos Housing Finance Corp. Rise48 did not disclose its purchase price, but the Dallas Central Appraisal District lists the 2026 appraised value at $57.6 million.

The 45-year-old property is running below 84% occupancy. Rise48 wants to bring it in line with the nearly 93% occupancy across its 15 other DFW properties. Planned work includes completing deferred maintenance, adding in-unit washers and dryers, replacing roofs and HVAC systems, and adding amenities such as pickleball courts, a playground and a dog park. CEO Zach Haptonstall said the changes should stabilize occupancy and improve the resident experience.

The move comes as Dallas-Fort Worth's third-quarter vacancy rate of 9.4% posted its first year-over-year decline since early 2022, according to Cushman & Wakefield. The Farmers Branch-Carrollton submarket recorded a vacancy rate just under 8%. The investor, which focuses on value-add communities in DFW, Phoenix and North Carolina, manages more than $2.1 billion in assets.

For owners and lenders, the deal shows value-add capital targeting older Class-B assets with occupancy gaps in a submarket with a high-income renter base.