SPARTANBURG, SC - Elevation Financial Group, provider of affordable housing for seniors and families, announced the disposition of Elevation Real Property Fund V asset, Serenity Apartments at Spartanburg. The 152-unit multifamily community sold for a purchase price of $7.05 million, or $46,381/unit, and represents the first disposition for Elevation Real Property Fund V.
The transaction was brokered by the Charlotte office of Capstone Apartment Advisors.
Elevation purchased the multifamily apartment community from the original developer in 2015 for $4.05 million, or $26,315/unit, and immediately initiated approximately $1 million in renovations. Upgrades included new windows, new roofs, renovated unit interiors, and rebranding of the entire property.
Consisting of one-bedroom garden-style units, the property was totally transformed by the vigorous revitalization. Through the strong oversight of Elevation Property Management, the community stabilized and consistently maintained an occupancy level at or above 95%.
"Serenity Apartments at Spartanburg represents another successful and exciting Elevation revitalization. After making significant improvements to the property, we continued to maintain affordable rents for the residents, while positively serving the community. We are thrilled to once again deliver safe, clean and affordable housing to families and strong returns for our Fund V investors," said Chris King, CEO and President, Elevation Financial Group, LLC.
Additional properties in the fund include a 415-unit property in Columbia, South Carolina, three multifamily properties located throughout 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 with a focus and mission to acquire, revitalize and operate affordable apartment communities for independent seniors and families.