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Rise48 Equity continues to expand its holdings in North Texas Despite concerns about the firm’s debt last year. The multifamily syndicator based in Phoenix purchased a 144-unit apartment complex at 2929 Kings Road on the edge of Dallas’ Oaklawn and Park Cities neighborhoods. Northmarq brokered the sale and arranged the financing.

Prime Finance lent $21.2 million for the purchase, according to loan documents. That works out to $147,222 per unit. The term of the loan is five years, including extensions, Northmarq said in a news release. The property is valued at $24 million by the Dallas Central Appraisal District.