Posted on August 21, 2020
Elevation Financial Group, a provider of senior and multifamily affordable housing, is pleased to announce the sale of Elevation Real Property Fund VI asset, Serenity Apartments at Bell Oaks. The 98-unit 55+ independent senior property sold for $4.8 million. Elevation purchased the Montgomery, Alabama, property in December 2017 for $2.1 million.
When purchased by Elevation, Bell Oaks had an occupancy below 40%. The few remaining residents described the property as being in major disarray and stated that they were embarrassed for guests and family to visit them. Despite the physical condition, the Elevation team saw the potential of the property and took action to bring their vision to life. The need for quality affordable housing for seniors in the Montgomery area was evident, and Elevation wasted no time implementing a strong rehabilitation plan. During the renovation, over 60 units were revitalized, the parking lot received new asphalt, the exterior was refreshed with paint and landscaping, and the community room and office underwent a massive makeover. The property is now over 93% occupied, and residents are enjoying lunches, social events, and fellowship in the beautiful community spaces.
“From the moment Elevation acquired Serenity Apartments at Bell Oaks, our world-class team set out to create safe, clean, and affordable living spaces that residents would be proud to call their home. Today, Bell Oaks is a beautiful, stable affordable housing community, allowing Elevation to deliver significant returns to our investors and sustainable living options for the seniors of Montgomery, Alabama – just as we envisioned,” said Chris King, CEO of Elevation.
In the past year, Elevation has purchased six senior communities throughout the United States. After robust renovations, all are delivering quality affordable and attainable housing to seniors who desperately need it in cities such as Memphis and Indianapolis.
Serenity Apartments at Bell Oaks represents the fourth disposition for Fund VI. Properties remaining in the fund include four multifamily communities and three 55+ senior communities.
Learn more about the Serenity Apartments at Bell Oaks revitalization story here.
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.