A 320-unit apartment complex in Carrollton is getting a $6 million makeover after its occupancy slipped below 84%, well under the near-93% average Rise48 Equity reports across its other 15 Dallas-Fort Worth properties. The Phoenix-based investment firm recently acquired the property at 2500 Guerrero Drive, formerly known as The Holden, and has rebranded it Rise Trinity as part of a broader repositioning push.
Rise48 describes Rise Trinity as a “b-plus asset in an a-plus location,” according to Bisnow. The 45-year-old property sits in a submarket where the average household income runs around $120,000 within a one-mile radius, per the same report. The Dallas Central Appraisal District valued the property at $57.6 million this year, though Rise48 has not disclosed what it actually paid to acquire the complex from previous owner Pecos Housing Finance Corp.
What Rise48 Plans to Fix
The capital improvement program will cover deferred maintenance throughout the property, along with updated roofs and HVAC units, Bisnow reports. Rise48 also intends to install in-unit washers and dryers and add amenities including pickleball courts, playground equipment and a dog park.
Rise48 CEO Zach Haptonstall called Rise Trinity “one of the strongest cash-flowing acquisitions we’ve made in over three years” and said it fits the company’s repositioning platform, according to Bisnow. He said he expects the improvements to stabilize occupancy and elevate the resident experience at the property.
A Cooling But Still Tight DFW Market
Rise Trinity’s struggles stand out against a broader Dallas-Fort Worth market that has been tightening. Market vacancy closed the third quarter of 2026 at 9.4%, according to Cushman & Wakefield, marking the second consecutive quarterly decline and, per Bisnow’s reporting on the same data, 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 third quarter…