Bought in 2015 for $three.45 million, Serenity Townhomes noticed a considerable turnaround and revitalization through the five-year Elevation possession. Upon preliminary buy, the property was lower than 40% occupied with numerous deteriorated items and uncared for grounds. The Elevation crew acknowledged that the unit sizes and two-story floorplans had been among the largest within the portfolio and knew strategic, well-thought plan was needed. After important value-add enhancements, Serenity Townhomes had achieved 92% occupancy as of the sale date.
“I am so happy with the work our crew at Elevation did to carry a struggling reasonably priced housing neighborhood again to life for the folks of Montgomery,” mentioned Chris King, CEO of Elevation Monetary Group.
Whereas executing huge updates to the items, clubhouse, workplace, exterior and facilities, the Elevation crew additionally realized native volunteer group had been assembly on the property to tutor kids in the neighborhood. As soon as the crew noticed the room and sparse sources, they instantly realized that the volunteers and college students wanted far more to achieve success. A brand new absolutely outfitted tutoring room was shortly delivered, full with the instruments to successfully attain the school-aged kids at Serenity Townhomes and the encompassing space.
Since inception, Fund V delivered over 1,000 reasonably priced housing items to households and seniors all through three states, together with Louisiana, Alabama, and South Carolina. Via Elevation’s subsequent funds, VI and VII, the corporate owns and operates high quality, reasonably priced multifamily and senior communities all through eight states.
Elevation Monetary Group, LLC, an actual property personal fairness firm, leads an award-winning group of corporations with a spotlight and mission to accumulate, revitalize and function reasonably priced condo communities for impartial seniors and households. As a non-public fairness firm, Elevation raises capital via personal placements to accredited traders and maintains a dedication to low or no hundreds on capital raised. Via a consortium of corporations specializing in actual property funding, property administration and property renovation, Elevation aspires to ship superior monetary returns to its shareholders whereas making a optimistic and distinctive affect on the communities served.
SOURCE Elevation Monetary Group, LLC