Elevation Announces Multiple Dispositions And Property Refinances
Distributes more than $12 million to Fund VI investors
ORLANDO, Fla., Nov. 18, 2019 /PRNewswire/ -- Elevation Financial Group is excited to announce the disposition of two Elevation Real Property Fund VI properties and the strategic refinance of three additional Fund VI properties. These beneficial transactions allow Elevation to distribute $12.5 million or 54 percent of the overall fund investment back to investors. Fund VI, which launched at the end of 2016, still retains nine properties in the portfolio.
Serenity Apartments at Fayetteville
The first transaction represents the largest per-unit price sale in Elevation history and contributes to a significant return for investors. Serenity Apartments at Fayetteville was purchased in December 2017 for $5.25 million or $21,169 per unit and sold in October 2019 for $13.15 million or $54,791 per unit. The massive increase in value is due to a combination of a strategic acquisition, a value-add renovation plan and solid property management. The North Carolina property was near 75 percent occupied upon purchase, and within a short amount of time Elevation continued to increase occupancy and retained it at near 100 percent throughout ownership. The property also improved significantly with the revitalization. Value-add improvements such as a pool makeover, parking lot and asphalt repair, and the full renovation of 72 units were executed. These enhancements added great value to both the residents and the asset.
Serenity Apartments at Fairfield
The second property, Serenity Apartments at Fairfield, sold for $2.11 million or $33,000 per unit. Located in Birmingham, Alabama, Elevation purchased the property in September 2017 as part of a four-property portfolio purchase.
At the time of acquisition, many of the units at Fairfield were in desperate need of renovation. Elevation developed a full revitalization strategy and quickly began the process. Units received new flooring, kitchen cabinets and countertops, appliances, bathroom cabinets and countertops, and energy-efficient windows. The leasing office also received a makeover that created a welcoming space for current and potential residents. Elevation provided an enhanced and safe living space for residents but kept the rental rates affordable. By the time of sale, occupancy was over 90 percent. The property also received recognition from local government and officials as one of the best communities in the area.
"This year, Elevation management moved aggressively to produce value for our Fund VI investors by improving the overall performance of all Fund VI assets. This distribution is so large because of the blockbuster sale of Fayetteville and the sale and improved repositioning of a variety of other fund assets," said Chris King, CEO of Elevation. "Prior to this distribution, Fund VI owned 11 assets and subsequent to this distribution, Fund VI still retains nine assets. We are thrilled to deliver returns to our investors in year three of fund operations, and we look forward to more positive events to follow. Our entire Elevation team remains grateful for all of the support from our investor community."
Property Refinances
The final October transaction was the refinancing of three larger Fund VI properties: Serenity Apartments at Huntsville, Serenity Apartments at Columbus and Serenity Apartments at Jackson. Combined, these properties total 647 units.
Fund VI and VII
Additional properties in the Fund VI portfolio include multifamily properties in Alabama, Georgia and Mississippi, a senior property in Alabama and three newly acquired senior properties in Virginia and Illinois.
In May 2019, Elevation launched its seventh fund, The Apollo Fund, and to date has received commitments in excess of $33 million. For more information on investing in Fund VII, The Apollo Fund, contact [email protected].
About Elevation
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.
CONTACT: Wendy Roundtree, 407-205-2952
SOURCE Elevation Financial Group, LLC
Related Links
http://elevationfinancialgroup.com
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