Elevation Financial Group, LLC is pleased to announce the acquisition by Elevation Real Property Fund VI, LLC of Cumberland Trace Apartments for a purchase price of $5.25 million or $21,169/unit. The purchase represents the fifth acquisition by the Fund.
Located in Fayetteville, North Carolina, the 248-unit property consists of one, two and three-bedroom garden-style apartment homes and features a pool, playground, fitness center and laundry center. Situated in a prime location north of downtown Fayetteville, the community is located next door to Methodist University, less than five miles from Fayetteville State University and nine miles from Fort Bragg, the largest military installation in the world.
“This property represents a wonderful acquisition for Fund VI. It is positioned in an ideal location and provides a terrific value-add opportunity for the portfolio. We look forward to the revitalization and are excited about the opportunity to deliver quality affordable housing to residents in Fayetteville,” said Chris King, CEO of Elevation Financial Group.
The property will undergo a comprehensive revitalization including renovations to the exterior common areas and interior units. In addition, it will be rebranded and renamed Serenity Apartments® at Fayetteville.
The acquisition represents Elevation’s second purchase in the state of North Carolina. Serenity Apartments® at Greensboro, a multifamily community acquired by Elevation Real Property Fund IV LLC, was purchased in 2013 and sold in November 2016.
Serenity Apartments® at Fayetteville will be professionally managed by Elevation Property Management, LLC, a company of Elevation Financial Group with a management portfolio in excess of 2,700 units covering five Southern states.
Elevation Financial Group, a real estate private equity company, leads an award-winning group of companies whose focus and mission is 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 we serve.