Elevation Raises $43.4 Million in its Seventh Fundraise
Elevation Financial Group, a provider of multifamily and senior affordable housing, recently closed its seventh fundraise with $43.4 million raised. Elevation Real Property Fund VII, LLC (The Apollo Fund) launched at a summit event in May 2019 with significant investor interest and saw unprecedented support from past and current Elevation investors, as well as new investors from across the country.
As the largest fundraise in Elevation history, The Apollo Fund surpassed goals and raised over $20 million more than Fund VI, Elevation’s previous fund. Individual investment averages also exceeded Fund VI averages by $75,000.
As with Elevation’s prior funds, a large number of current or past investors reinvested in The Apollo Fund. Out of 267 investors who have ever invested in an Elevation fund over its 14-year history, 64 percent chose to participate in the newest fund. In addition, 80 percent of a recent $13.5 million distribution to Fund VI investors was reinvested back into the Apollo Fund.
“Elevation’s Fund VII, The Apollo Fund is off to a fast start thanks to the growing support of a dedicated group of investors from all parts of the country,” said Chris King, CEO of Elevation. “I am excited about what we will accomplish in The Apollo Fund and what we have already accomplished with some terrific assets acquired in the Southeast and Midwest. We are dedicated to delivering disciplined leadership over all facets of the investment process and are deeply grateful for the opportunity to serve so many wonderful investor families.”
The Apollo Fund has already seen six impressive property acquisitions totaling over 1,100 units, including:
- A 496-unit senior community in Indianapolis, Indiana, representing Elevation’s largest acquisition to date
- Four multifamily properties in Louisiana totaling 456 units
- A 160-unit 55+ independent senior community in Springfield, Illinois.
As with all of its past and current properties, Elevation will continue to operate Apollo Fund assets as affordable housing in line with its mission to provide safe, clean, and affordable housing to seniors and families. The company remains in a disciplined acquisition mode as it moves to successfully deploy remaining Fund VII capital.
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.