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Elevation sponsors private real estate funds, serves as a fund manager and provides the following services: asset management, real estate acquisition, property management and accounting. The company, through its subsidiaries, manages age-restricted senior and multifamily apartment communities throughout the south, from its corporate headquarters in Orlando, Florida. Elevation Real Property Fund VII, LLC (The Apollo Fund) is the seventh real property fund launched by Elevation since 2013.

  • Serenity Apartments at Baton Rouge

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    Serenity Apartments at Baton Rouge
    Acquisition Price $4,000,000
    Price Per Unit: $12,195
    Sale Price: $15,500,000
    Per Unit: $47,256
    Occupancy: 50% at Purchase
    Occupancy: 95% at Sale

    At the time of acquisition of Serenity Apartments at Baton Rouge, nearly half of the apartment units were uninhabitable and the grounds were in complete disrepair. Elevation saw an opportunity to revitalize an extremely broken property and meet a great need in an area that desperately needed it. Unexpectedly, a week before closing on the purchase of the property, Baton Rouge experienced a historical flood which created temporary homelessness for tens of thousands of people and necessitated FEMAs intervention to reconstruct the area. The property did not suffer damage, although the surrounding community and area were heavily impacted.

    A comprehensive revitalization strategy was immediately initiated that included the restoration of more than 160 units, roof replacement, extensive asphalt and concrete repair, exterior paint and the reconstruction of an additional 10 units that were destroyed by fire prior to purchase. Throughout ownership, over $3.8 million was spent on restoring the property while still preserving all 328 units as affordable.

    Baton Rouge, LA
     - 
    Senior
    Acquisition Date: August 2016
    Sold Date: January 2019
    328 Units
  • Serenity Apartments at Three Rivers

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    Serenity Apartments at the Park
    Acquisition Price $8,000,000
    Price Per Unit: $19,093
    Sale Price: $19,300,000
    Per Unit: $46,000
    Occupancy: 40% at Purchase
    Occupancy: 93% at Sale

    Elevation purchased Serenity Apartments at Three Rivers in September 2014 and immediately initiated an extensive revitalization effort. The project included the renovation of the leasing office, the replacement of 80% of the unit roofs, the restoration of 220 vacant apartment units, and the total reconstruction of 35 uninhabitable apartments. In addition, community spaces and amenities were added and restored, including a sports court, dog park, clubhouse and fitness room.

    The transformation, coupled with the strong oversight of Elevation Property Management, resulted in an increase in occupancy from 40% to over 93%.

    Orlando, FL
     - 
    Senior
    Acquisition Date: September 2014
    Sold Date: December 2017
    419 Units