MONTGOMERY, AL - Elevation Financial Group, LLC announces the acquisition of two multifamily properties, located in Montgomery, Alabama, for a purchase price of $6.8 million. The portfolio purchase includes Olympia Heights Townhome Apartments, a 202-unit apartment community consisting of 1, 2 and 3-bedroom two-story townhome-style residences and Cyprus Court Apartments, a 176-unit apartment community also consisting of 1, 2 and 3-bedroom two-story garden-style units. Aligning with Elevation's branding strategy, Cyprus Court Apartments will be renamed Serenity Apartments at the Park and Olympia Heights will be renamed Serenity Townhomes at Montgomery.
The continued deployment of investor capital from its subsidiary, Elevation Real Property Fund V, LLC, supports Elevation's expansion and presence in the Southeastern region. Both properties are located in the reviving Southeast sector of the Montgomery Loop, an area that has garnered significant attention from city government and local businesses for redevelopment and community investment.
"This portfolio acquisition represents a wonderful value-add opportunity for our fifth fund and establishes a significant presence and base of operations in Alabama. We look forward to dramatically revitalizing the physical assets while providing a higher level of quality and service to the residents," said Chris King, CEO of Elevation Financial Group.
Supporting its mission to provide clean, safe and affordable housing, Elevation will undertake extensive renovations to the common areas, amenities and units of both communities. Serenity Townhomes at Montgomery will undergo a comprehensive revitalization to the apartment exteriors, clubhouse pool, and grounds as well as significant interior renovations and upgrades to the units. At Serenity Apartments at the Park, Elevation has recognized the lack of amenities for families and children and in addition to planned renovations to the unit interiors and exteriors will build a park complete with a playground, soccer field and running track.
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.