Elevation Financial Group, LLC is pleased to announce the acquisition by its private equity subsidiary, Elevation Real Property Fund V, LLC, of French Quarter Apartments for a purchase price of $2.8 million. Ocwen Loan Servicing, LLC was the asset manager for the REO seller in this transaction.
The two-story 152-unit multifamily property is located in an emerging region of Mobile, Alabama and features 1, 2 and 3 bedroom garden-style apartment homes. Rebranded as Serenity Apartments® at Mobile, the property will experience a $930,000 renovation which will include the replacement of all roofs and windows as well as the refurbishment and improvement of property amenities. In addition, 75 vacant apartment units will be renovated and upgraded.
“This is a terrific acquisition for Fund V. It is a well-laid out property with attractive units, amenities and natural landscaping. Due to our strong acquisition pricing, we are positioned to execute on a comprehensive renovation which will position this asset as a market leader in providing safe, clean and affordable housing in Mobile,” said Chris King, CEO of Elevation Financial Group.
Serenity Apartments at Mobile represents the third Alabama property acquired by Elevation Real Property Fund V within the past six months. Prior properties include Serenity Townhomes at Montgomery, a 192-unit townhome apartment community and Serenity Apartments at the Park, a 176-unit garden-style apartment community, both located in Montgomery. These Alabama assets, together with Serenity Apartments at Three Rivers, located in Columbia, South Carolina and Serenity Apartments at Spartanburg comprise a total of 1,091 apartment units acquired by Fund V since its inception in late 2014.
The properties will be professionally managed by Elevation Property Management, LLC, an affiliate of Elevation Financial Group with a management portfolio in excess of 2,500 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. 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.
To learn more about the Elevation story or for investor information contact Scott Lee at SLee@elevationfinancialgroup.com.
Director, Marketing and Communications
Elevation Financial Group