RISE CITYSCAPE
A 229-unit multifamily opportunity in Downtown Dallas, Texas, acquired at a 55% discount from peak pricing. Watch the replay for the market, the business plan, the projected returns, and how to invest.
Projected net returns to LIMITLESS Real Estate Fund investors over the full hold period. Projections are not guaranteed.
Key Dates
Deal Timeline
The Details
Why Rise Cityscape
A+ Downtown Location
An average one-mile household income of $126,000 in the largest employment center in Dallas, with 135,000+ daytime workers.
55% Below Peak Pricing
Going-in basis of $183K per unit against a comparable-sales average of $429K per unit across six recent downtown-adjacent trades.
A Motivated Seller
A private equity firm has owned the asset since 2007 and needs to sell to close out its final fund. The property appraised at $55 million in 2024. We are buying at $42 million.
Large Floor Plans
An average unit size of 1,165 square feet across 31 distinct floor plans, ranging from 678 to 2,908 square feet.
Conservative Business Plan
Bring below-market rents up to market and add in-unit laundry. The model assumes a total rent increase of only $64 per unit.
Light CapEx, Low Execution Risk
$4.2 million funded through lender draws: washers and dryers in 192 units, plus the lobby, leasing office, fitness center, pool furniture, signage and hallways.
Deep Discount
Seller liquidity constraints are forcing the sale at $13 million below the property's own 2024 appraisal, and 57% below the average price per unit of comparable downtown Dallas sales.
About the Property
350 N Ervay Street, Dallas, TX 75201
Currently operating as Gables Republic Tower, the community is a steel and concrete high-rise in the heart of the Dallas central business district, with a rooftop pool, a fitness center, a movie theater, and some of the largest floor plans downtown: one, two and three bedrooms from 678 to 2,908 square feet.
Exterior
Interior
Amenities
The Market
Why Dallas, Why Now
Dallas absorbed a record supply wave and kept growing. Now construction starts have collapsed while demand keeps climbing. That is the setup value-add investors wait entire cycles for.
Dallas-Fort Worth ranks #1 nationally for inbound moves on the 2025 U-Haul Growth Index.
DFW ranked #2 in the U.S. for job gains in 2025 and leads the nation in post-pandemic job creation.
Dallas-Fort Worth is the fourth largest metropolitan area in the United States.
Texas ranks #1 in the 2025 U.S. rankings for landlord-friendly regulation.
DFW is projected to add 237,000 new jobs by 2030, roughly 5% job growth, ranking #1 in the United States.
DFW rent growth turns positive in 2027 as new deliveries fall away (CoStar).
The Submarket
Inside Dallas's Largest Employment Center
Rise Cityscape sits in the Dallas central business district, within a half mile of the city's largest banking, government and civic employers.
Average annual household income within one mile of the property.
Median home value within one mile, well above the cost of renting.
The largest concentration of daytime employment in Dallas.
Employees at the new Northend campus, less than a mile away.
Walking Distance
Recent News
A Top Growth Market
What has landed in Dallas-Fort Worth.
New Plano global HQ campus by 2028 to add 6,000 employees.
Texas investment through 2027 for AI and cloud infrastructure.
Dallas is projected to be #1 in the U.S. for population growth through 2030.
Dallas is projected to become the #3 largest U.S. metro in the 2030's.
Sources: Dallas Business Journal · Google · Fox Business · U.S. Census.
The Business Plan
Three moves, all proven
Nothing here is speculative. Each step is a scope Rise48 has already executed across 69 properties and 12,816 units.
Bring below-market rents to market
The seller has held the asset since 2007 and kept rents below the downtown comp set. The entire model assumes a total rent increase of $64 per unit, earned by moving in-place rents toward what the neighboring properties already charge.
Add in-unit laundry to 83% of units
Install washers and dryers in 192 of the 229 units at roughly $2,000 per unit. It is the single highest-return scope in the plan and one Rise48 has run across the portfolio.
Refresh the common areas, then exit
A light $4.2 million capital plan covering the lobby, leasing office, fitness center, pool furniture, signage and hallways, plus a mechanical contingency. Hold two to five years while DFW rent growth turns positive, then sell into stabilized NOI.
The Sponsorship Team
Who's behind the deal
Your Investment Partner
LIMITLESS Real Estate Fund is a real estate investment platform built to help investors create financial freedom. It exists to solve two problems at once: the country needs far more housing in the metros where job growth is actually happening, and ordinary investors are rarely invited into the ground-up development that institutions treat as routine.
Founder Shawn George came to real estate from a career in technology, funded his first deal with an equity line, and learned the business project by project. Every deal LIMITLESS backs runs through the same screen: an experienced developer with a full-cycle track record, a margin structure that holds up under pressure, and defined downside protection. Rise Cityscape is the fund's first multifamily acquisition.
Deal Sponsor & Operator
A vertically integrated operator with its own property management and construction companies, 300+ full-time staff, and deep Texas infrastructure: 15 assets, 3,613 units, and 80+ local employees.
A track record of over-delivering
Across 11 full-cycle exits, the sponsor projected a 15.4% average IRR and delivered a 70.5% average actual IRR with a 2.11x equity multiple, in an average hold of just 17.7 months. Discipline is the reason: of 1,175 deals underwritten since 2022, only 35 passed the model. Rise Cityscape is one of them.
LIMITLESS Real Estate Fund Leadership
Shawn George
Fund Manager & CEO
Rise48 Equity Leadership
Zach Haptonstall, MBA
CEO & Co-Founder
Leads acquisitions, capital sourcing and strategic partnerships.
Robert Szewczyk, DB
Chief Construction Officer & Co-FounderCCO & Co-Founder
Runs every renovation, with an architect's focus on build quality.
Bikran Sandhu, CPA
CFO & Co-Founder
Owns underwriting, operations and financial planning across the portfolio.
Jeremy Dyer, BS
VP of Capital Formation
Drives capital formation and investor relationships.
Questions