Elevation Announces Sale of Alabama Multifamily Property
Elevation Financial Group, a senior and multifamily affordable housing provider, announces the successful disposition of Elevation Real Property Fund VI asset, Serenity Apartments at Huntsville. The 231-unit multifamily community sold for $13.25 million.
Located in Huntsville, Alabama, the property was purchased in 2017 for $5.38 million. Elevation recognized the immense potential in the mix of 1-, 2-, and 3-bedroom apartment units as well as the prime location. Being situated within minutes to many large employers, including Redstone Arsenal U.S. Army Post and Marshall Space Flight Center, its location presented an ideal opportunity to deliver affordable and quality workforce housing to Huntsville residents.
“With Serenity Apartments at Huntsville, our team used our expertise and experience to revitalize an underperforming asset and successfully completed both of our company missions, delivering affordable housing for the people of Huntsville and a significant return for Elevation investors,” said Chris King, CEO of Elevation.
The multimillion-dollar revitalization included a complete rehabilitation of the leasing office, exterior painting, new interior courtyards, installation of new laundry facilities, and upgrades to over 150 apartment units.
Serenity Apartments at Huntsville marks the seventh disposition for Fund VI. Properties remaining in the portfolio include a multifamily community in Mississippi, two senior properties in Virginia, and one senior community in Illinois.
Elevation Financial Group, LLC, a real estate private equity company, leads an award-winning group of companies with a focus and mission to acquire, revitalize and operate affordable apartment communities for independent seniors and families. As a private equity company, Elevation raises capital through private placements to accredited investors and maintains a commitment to low or 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.