Posted on July 20, 2018
Elevation Financial Group, LLC is pleased to announce the acquisition by Elevation Real Property Fund VI, LLC of Holly Hills Apartments and Townhouses for a purchase price of $7.6 million or $36,363/unit.
Located in Columbus, Georgia, the 209-unit property features a wide variety of unit types with square footage ranging from 375 to 1,600 square feet. Since its original construction, the property has been held by a single owner and has received many additions and upgrades including recent interior renovations to many of the units.
Situated in a prime location, the community is conveniently located off Interstate 185 and is eight miles from Fort Benning Army base, less than three miles from Columbus State University and four miles from the lively downtown district, which sits on the Chattahoochee River. Columbus is the third largest city in Georgia and home to several large employers including Aflac, TSYS and Kia Motor Manufacturing.
At the time of purchase, the property was 71% occupied with an average rent of $585.00. Elevation will immediately begin a value-add revitalization strategy and rebrand the property as Serenity Apartments® at Columbus.
The purchase represents the Fund’s seventh acquisition and Elevation’s first in the state of Georgia. Additional Fund VI acquisitions, all completed within the past 10 months, include five properties in Alabama and one in North Carolina. Elevation is continuously seeking new acquisition opportunities and will continue to do so until the Fund is fully deployed.
Serenity Apartments® at Columbus will be professionally managed by Elevation Property Management, LLC a company of Elevation Financial Group with a management portfolio in excess of 2,800 units covering five 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.