How Zach Built a $2B Multifamily Empire: Lessons from Rise48 Equity

In a recent episode of Accredited Investors Only, I sat down with Zach Haptonstall, CEO and co‑founder of Rise48 Equity, to unpack how a team with no multifamily pedigree scaled to over $2.4 billion of transactions and 11,000 units in less than a decade. Zach’s story hits on grit, systems, vertical integration, and the operational playbook that helped the company survive rising rates and a brutal market cycle.

From journalism and healthcare marketing to multifamily

Zach’s path wasn’t linear. He started with dreams of playing football, pivoted to journalism, then to healthcare marketing, where he climbed to president/co‑owner. Burnout pushed him to resign in early 2018 with savings and an idea: real estate. He spent the next 14 months learning, networking, and building until Rise48 closed its first deal in February 2019.

“I quit my job with the plan to do real estate but I didn’t even know what multifamily syndication was. I thought I was going to flip houses.” — Zach Haptonstall

The snowball: how a slow start became exponential growth

The first three years were lean—Zach says they made no money and even took on debt trying to get the business rolling. But momentum came fast once systems and credibility were formed. Early results:

Founded in 2018; corporate HQ in Phoenix with offices in Dallas and Charlotte.
About $2.4 billion of transactions and ~11,000 units purchased since inception.
Nearly 300 full‑time W2 employees across integrated operations.
Rapid growth window: six deals (~$65M) early, then ~$1.3–1.4B in the following 24 months.

Zach credits relentless reinvestment of profits into the business—building in‑house property management, construction management, investor systems, and even an investor portal—to convert early wins into a scalable firm.

Vertical integration: why Rise48 runs everything in-house

Rise48 is vertically integrated by design. They run their own property management and construction companies, source materials direct/wholesale, and hire W2 staff on-site. For Zach, that vertical control is a competitive advantage—improving timelines, quality, margins, and investor confidence.

“We don’t like to be called a syndicator. We have more infrastructure than many public REITs—full‑time, on‑site employees, supply chain control, and a construction team that travels between markets.” — Zach Haptonstall

Key operational facts:

Renovation velocity: a unit from demo to rent‑ready in an average of 21–24 days.
Current renovation throughput: ~220–250 units per month across markets.
In 2023 alone, Rise48 renovated nearly 2,000 units and implemented average rent bumps of ~$450 on renovated units—critical to offset rising debt costs.

What Rise48 buys and why it works

Zach describes the firm’s acquisitions as deliberately “vanilla” and repeatable. That focus enables scale and predictable execution.

Typical asset: B‑class apartment communities built in the 1980s–early 2000s, 100+ units.
Value‑add scope (consistent across assets): exterior paint, upgraded amenities (clubhouse, fitness center, dog park), and a full interior gut on targeted units.
Interior finishes: quartz counters, vinyl plank flooring, undermount sinks, subway tile backsplashes, shaker cabinets, stainless steel appliances, LED lighting—designed to look like Class A interiors but targeted at workforce housing rents.
Hit rate: since 2022, the acquisitions team underwrote ~650 deals and found roughly 2% that met their criteria—illustrating how selective they are.

Adapting to higher interest rates: operational discipline wins

When interest rates rose sharply, Rise48 faced the same pressures as many operators—floating debt exposure and tighter underwriting. Their response was operational: force appreciation by accelerating renovations and increasing NOI.

“We have never done a capital call, never lost investor capital, and never missed a debt payment. The way we did that was by becoming more efficient operators.” — Zach Haptonstall

Practical takeaways from their approach:

Lock down caps and de‑risk floating exposure where possible.
Push NOI improvements through aggressive, high‑quality renovations.
Use vertical integration to control timelines and costs.
Reinvest profits to build institutional capabilities rather than cash out early.

Expanding into new markets: Dallas, Charlotte, and beyond

Rise48 expanded outside Arizona into Dallas (DFW) and Charlotte, using the same repeatable playbook. Key reasons markets were chosen:

Landlord‑friendly, core Sun Belt markets with scale potential.
Brokers and suppliers that could translate and support the Rise48 model.
Ability to build 2,000+ units within 36 months to justify the local fixed costs of vertical integration.

Rapid wins in DFW: 14 deals and ~3,300 units in the last 24 months. Charlotte is growing more slowly but steadily—Rise48 already has multiple deals and local staff on the ground.

Culture, hiring, and running a distributed operation

Zach is adamant that culture and on‑site accountability matter. They prefer W2 employees and on‑site presence over a remote workforce. A few operational culture notes:

Main HQ: a 21,000 sq ft office in Scottsdale where corporate teams (accounting, investor relations, marketing) work 9–5.
Regional offices in Dallas and Charlotte with local full‑time staff for field operations.
They fly staff between markets for all‑hands meetings and host company events—recently bringing 500 people together for a holiday party to build cohesion.
Hiring philosophy: find top leaders first (regional VP / directors) and allow them to build the local teams.
Tools: deployment of hiring frameworks like Culture Index and plans to form an advisory board with seasoned industry operators.

Lessons and advice for founders and investors

Throughout our conversation, Zach repeated a few themes that are useful for any entrepreneur or investor:

Start before you’re ready. Action collapses uncertainty—waiting for the perfect moment will cost you momentum.
Find complementary partners. Know your strengths and hire or partner for your weaknesses (e.g., find the Excel/underwriting person if you hate spreadsheets).
Reinvest to build infrastructure. Building internal property management, construction, and investor systems creates durability and credibility.
Don’t take ridicule or negativity personally. You’ll get critics—use that as fuel, not an excuse to stop.
Brand and visibility matter. Live events, social proof, and consistent reporting (timely K‑1s, transparent investor portals) help attract and retain capital.

“You have to get a hardened shell and thicker skin. There are lots of people who will tell you you can’t do it. Put your head down and do the work.” — Zach Haptonstall

How investors can participate

Rise48 offers both individual syndications and funds. The differences Zach noted:

Individual deals: investors can pick assets and markets they like and see the specific story and underwriting.
Funds: invest in a pooled vehicle representing multiple deals in a calendar year—greater diversification and potentially higher cash flow, but often longer lockups.

For investors wanting to learn more, Rise48’s site is: rise48equity.com

Final thoughts

Zach’s journey from a burnout pivot to building a multi-billion-dollar multifamily operator boils down to a few repeatable principles: relentless execution, vertical integration, selective underwriting, and reinvesting profits to institutionalize the business. The market will test every firm—those who build systems, hire the right people, and keep doing the operational work are the ones who will survive and scale.

If you’re focused on multifamily investing—either as an operator or a passive investor—there’s a lot to learn from Rise48’s model: make the playbook repeatable, invest in infrastructure early, and be prepared to lean into operations when markets get tough.