RISE Closes on Second Build-for-Rent Community in Davenport

On October 14, 2022, RISE successfully closed on construction financing for its latest Build-For-Rent (BFR) community. RISE Florence Villa marks the company’s second BFR project in Davenport and future residents will enjoy its convenient location near retail and entertainment options while easy access to Interstate 4 offers an effortless commute for residents.

The community will have 224 townhome units including two-bed three-bath, and three-bed three-bath, floor plans.

The development will include a free-standing clubhouse with management offices, a fully equipped fitness facility, a resort-style pool, and other modern, luxurious amenities. Each unit will have a private one-car enclosed garage. Like RISE’s other Class-A multifamily communities, RISE Florence Villa is designed with upscale unit features and resident programming that will be professionally managed by RISE.

RISE Florence Villa is being purpose-built for families and commuting professionals in the rapidly growing Davenport area.

Greg Hunter, RISE Chief Financial Officer, said, “We are excited to be bringing another BFR product to this dynamic, Davenport market. Our commitment to a higher standard from the beginning of this development, through financing, and eventually establishing RISE Florence Villa as a premier residential community is a testament to the hard work and dedication of the team and all our partners.”

RISE partnered with Phoenix Capital Management, LLC as its primary equity partner. Phoenix Capital, based in Dallas Texas and in operation for over 25 years, provides equity capital for ground-up multifamily projects throughout the U.S.

RISE Florence Villa is scheduled for a phased 2024 delivery. Silver Studio is the architect on this project with RISE acting as the general contractor.