Elevation Financial Group Announces The Successful $3.9 Million Buyout Of All Limited Investors In Two Private Equity Funds
WINTER PARK, FLORIDA (November 3, 2015) Elevation Financial Group, LLC, is pleased to announce the successful closing on October 21, 2015 of the acquisition of all Class B investor membership interests in two of its early-stage private equity real estate funds, Elevation Real Property Fund II, LLC (“Fund II”) and Elevation Real Property Fund III, LLC (“Fund III”). Fund II investors were paid $1,644,390 by Fund II for the sale of their Class B membership interests while Fund III investors were paid $1,750,032 by Fund III for the sale of their Class B membership interests. These two transactions have completed all further Class B investor participation in these funds.
With an objective to acquire low-income, affordable senior and multifamily residential properties, Elevation closed its Fund II capital raise of $2,340,000 in 2007 and closed its Fund III capital raise of $5,477,750 in 2010. Total cash distribution to Class B investors throughout the fund terms, including the purchase price for the Class B membership interests acquired by each fund in the just concluded transactions, was $6,149,855 (19.0% IRR, 2.65 ROI) for Fund II and $12,407,365 (23.4% IRR, 2.26 ROI) for Fund III.
“We are thrilled to deliver to our Elevation investor community superior returns that nearly tripled their capital investment in Fund II and more than doubled their capital investment in Fund III. While Fund II and Fund III launched during the worst financial crisis in 80 years, we were able to create substantial value for investors through opportunistic acquisitions, strategic renovations and disciplined management. It is a privilege to once again deliver above market returns while preserving and revitalizing historic affordable housing communities throughout the Southeastern United States,” said Chris King, CEO of Elevation Financial Group.
Assets remaining in Fund II and Fund III include Hillcrest Hampton House, a 156-unit, 14-story independent senior community located near downtown Orlando, Florida and Serenity Towers on the St. Johns, a 158-unit independent senior community overlooking the St. Johns River in Sanford, Florida, respectively. Both properties consistently maintain a 100% occupancy rate with an ongoing waitlist.
Elevation Financial Group continues to manage two additional funds, Elevation Real Property Funds IV and V (“Fund IV” and “Fund V”, respectively). Fund IV raised $8,901,500 of capital in January 2013 and Fund V raised $16,537,294 in November, 2014. To date, Fund IV has fully deployed its capital on the acquisition of four properties totaling 902 apartment units and Fund V is in the process of deploying its capital having acquired four properties totaling 949 apartment units.
Elevation Financial Group, a private equity real estate company, leads an award-winning group of companies whose focus and mission is to acquire, revitalize and operate affordable apartment communities for independent seniors and families. Elevation raises capital through private placements to accredited investors and maintains a commitment to no loads on capital raised. Through a consortium of companies specializing in real estate investment, property management and property renovation, Elevation aspires to deliver superior financial returns to its shareholders while making a positive and distinctive impact on the communities served.
For further information visit: www.ElevationFinancialGroup.com
Director, Marketing and Communications
Elevation Financial Group