Posted on December 13, 2017
Elevation Financial Group, LLC announces the acquisition by Elevation Real Property Fund VI, LLC of Bell Oaks Apartments for a purchase price of $2.1 million or $21,875/unit. This transaction represents the sixth acquisition and the first senior property purchased by the Fund.
Located in Montgomery, Alabama, the 96-unit independent senior community consists of spacious one and two-bedroom garden-style apartment homes and features large and expansive common areas including a community room, outdoor patio and multiple courtyards. The property is located in the Southeast sector of the Montgomery loop, minutes from restaurants, healthcare facilities and shopping centers and less than three miles from two of Elevation’s multifamily communities.
Aligning with Elevation’s branding strategy, the property will be renamed Serenity Apartments® at Bell Oaks. In addition, it will undergo a revitalization which will include renovation of half of the apartment units and significant upgrades to the exterior and interior community spaces.
“This is our eighth purchase in the state of Alabama and we couldn’t be happier that it’s a senior property. With an occupancy below 40%, Bell Oaks holds exciting similarities to Serenity Apartments at Hickory Hill, a community that we owned in Memphis that delivered tremendous value to Fund IV. We see similar potential in Bell Oaks and are excited to begin the revitalization,” said Chris King, CEO of Elevation Financial Group, LLC.
Serenity Apartments® at Bell Oaks will be professionally managed by Elevation Property Management, LLC, a company of Elevation Financial Group with a management portfolio in excess of 2,700 units covering five Southern states. In addition to multifamily communities, Elevation Property Management currently operates six independent senior communities.
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.