Posted on November 20, 2018
Elevation Financial Group, LLC is pleased to announce the acquisition by Elevation Real Property Fund VI, LLC of Cypress Point Apartments for a purchase price of $6.4 million or $30,942/unit.
Located in Jackson, Mississippi, the 207-unit property consists of a wide variety of spacious unit types with square footage ranging from 420 to 1,355 square feet. It also features a pool, playground and two laundry facilities. At the time of purchase, the property was 78% occupied with an average rent of $642.
Situated off Interstate 20, the property is adjacent to one of Jackson’s major hospitals and is located less than four miles from Jackson State University and five miles from the downtown district and the Mississippi State Capital. Jackson, the largest city in Mississippi, is a major distribution center and home to eleven hospitals.
Within the past year, the prior owners have invested over $850,000 in capital expenditure projects, which include new roofs on all buildings and interior renovations to over 95 units. Elevation will continue the renovations with a value-add strategy and rebrand the property as Serenity Apartments® at Jackson.
The purchase represents the Fund’s eighth acquisition and Elevation’s first in the state of Mississippi. Within the last 14 months, Fund VI has acquired five properties in Alabama, one in North Carolina and one in Georgia. Elevation continuously seeks acquisition opportunities.
Serenity Apartments® at Jackson will be professionally managed by Elevation Property Management, LLC a company of Elevation Financial Group with a management portfolio in excess of 2,900 units covering six Southern states.
Elevation Financial Group, a real estate private equity 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. 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 we serve.