The $14.2 million purchase adds 539 new units to the portfolio and represents the largest acquisition in the company’s history
Elevation Financial Group, LLC is excited to announce the acquisition of four multifamily properties, located in Alabama, for a purchase price of $14.2 million. Acquired by its subsidiary, Elevation Real Property Fund VI, LLC, the portfolio purchase represents the first acquisition by Fund VI and the largest in Elevation’s history.
The largest property in the portfolio, the 231-unit Park Place Apartments, is located three miles from downtown Huntsville and consists of one, two and three-bedroom garden-style apartment homes. The Huntsville area continues to remain one of the South’s fastest-growing areas and has one of the highest per capita incomes in the southeast. The property is geographically well positioned and close to major interstates, retailers, and employers.
The remaining three properties, all garden-style, are located within 10 miles of downtown Birmingham, the state’s most populous city. Summer Terrace, a 140-unit property is located in Center Point, a town northeast of Birmingham. Wellington Place is located in the town of Fairfield, southwest of downtown Birmingham, and features 64 units. Westlee Park, located only three miles from Wellington, consists of 104 units.
A $2.8 million revitalization will begin immediately, and the properties will undergo significant renovations to the exterior common areas and interior units. In addition, all communities will be renamed and rebranded with Elevation’s Serenity Apartments® brand.
“We could not be more excited about expanding our footprint in the state of Alabama. Huntsville and Birmingham are thriving cities experiencing significant job growth and development. This four-property acquisition is a strong addition to our portfolio and represents a wonderful opportunity to serve and provide affordable housing to over 500 families in the area,” said Chris King, CEO of Elevation Financial Group.
The properties will be professionally managed by Elevation Property Management, LLC, a company of Elevation Financial Group with a management portfolio in excess of 2,500 units covering four 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.