Elevation Financial Group, LLC is pleased to announce the disposition of Serenity Apartments at Three Rivers, an Elevation Real Property Fund V asset. The 419-unit multifamily community, located in Columbia, South Carolina, sold for a purchase price of $19.3 million, or $46,000/unit.
Elevation purchased the apartment community in September 2014 for $8 million, or $19,093/unit, 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%.
“This transaction is a major milestone and one of the most exciting that we have seen at Elevation. It not only represents our largest disposition in terms of sale price but also in terms of number of units. During the revitalization, we renovated over half of the units and totally transformed the property,” said Chris King, CEO, Elevation Financial Group, LLC.
Remaining properties in the Fund V portfolio include three multifamily properties located in Alabama and one multifamily property in Baton Rouge, Louisiana.
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.