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.
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.