Elevation Financial Group Announces Sale of Alabama Multifamily Property for $6.85 Million

Elevation Financial Group, LLC, provider of affordable multifamily and senior housing, is pleased to announce the disposition of Elevation Real Property Fund V asset, Serenity Apartments® at Mobile. The 152-unit multifamily community sold for $6.85 million or $45,065 per unit.
Located near downtown Mobile, Alabama, the property was acquired in December 2015 for a purchase price of $2.8 million or $18,520/unit. Upon purchase, Elevation immediately initiated a value-add $1.34 million revitalization strategy and replaced roofs, restored and updated 75 down units, revitalized eight uninhabitable units that were previously destroyed by fire, renovated the leasing office and initiated a large-scale landscaping and drainage project.

The renovation, coupled with oversight from Elevation Property Management, resulted in a strong cash flow and an increase in occupancy to 96% at the time of sale.  Above all, over 80 apartment homes were revitalized providing quality affordable housing for multitudes of families in Mobile, Alabama.

Serenity Apartments® at Mobile represents the third disposition for Fund V. Three multifamily communities remain in the fund including two in Montgomery, Alabama, and one in Baton Rouge, Louisiana.

 

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. Elevation raises capital through no-load private placement funds subscribed to by accredited investors. Through a consortium of companies specializing in real estate investment, property renovation and property management, Elevation has delivered superior financial returns to its investors while making a positive and distinctive impact on the communities we serve.