Posted on September 8, 2020
Elevation Financial Group, a provider of senior and multifamily affordable housing, announces the disposition of Elevation Real Property Fund V asset, Serenity Townhomes at Montgomery. The 192-unit multifamily community sold for $6.9 million and represents the disposition of the final asset in Fund V.
Purchased in 2015 for $3.45 million, Serenity Townhomes saw a substantial turnaround and revitalization during the five-year Elevation ownership. Upon initial purchase, the property was less than 40% occupied with countless deteriorated units and neglected grounds. The Elevation team recognized that the unit sizes and two-story floorplans were some of the largest in the portfolio and knew that a strategic, well-thought plan was necessary. After significant value-add enhancements, Serenity Townhomes had achieved 92% occupancy as of the sale date.
“I’m so proud of the work our team at Elevation did to bring a struggling affordable housing community back to life for the people of Montgomery,” said Chris King, CEO of Elevation Financial Group.
During the substantial renovation, the units, clubhouse, front office, exterior, laundry room and several amenities received massive updates. The Elevation team also learned that a local volunteer group had been meeting at the property to tutor children in the community. Once the team saw the room and sparse resources, they immediately realized that the volunteers and students needed much more to be successful. A new and fully equipped tutoring room was quickly delivered, complete with the tools to effectively reach the school-aged children at Serenity Townhomes and the surrounding area.
Since inception, Fund V delivered over 1,400 affordable housing units to families and seniors throughout three states, including Louisiana, Alabama, and South Carolina. Through Elevation’s subsequent funds, VI and VII, the company owns and operates quality, affordable multifamily and senior communities throughout eight states.
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.