Elevation Financial Group Announces New Fund V Acquisition
Now re-branded as Serenity Apartments at Spartanburg, this 152-unit multi-family property was purchased for $4,050,000, or $26,645 per unit. Elevation projects that its capital rehab budget will approximate $5,000 per unit and will include new roofs, new windows, and kitchen and bath upgrades.
This acquisition continues the expansion of Elevation’s presence into the robust South Carolina apartment market and establishes a triangle of owned assets located in Greenville, Columbia and now Spartanburg. Serenity Apartments at Spartanburg is the second acquisition for Elevation Real Property Fund V, LLC (Fund V) and, together with Serenity Apartments at Three Rivers in Columbia, increases Fund V total unit ownership to 571 units. This well-landscaped property is located in an appealing wooded location, adjacent to a small creek and near to many employers that support the automobile manufacturing industry.