Source: Elevation Financial Group
MONTGOMERY, AL - Elevation Financial Group, a provider of senior and multifamily affordable housing, announces the disposition of Elevation Real Property Fund V asset, Serenity Townhomes at Montgomery. The 192-unit multifamily community sold for $6.9 million and represents the disposition of the final asset in Fund V.
Purchased in 2015 for $3.45 million, Serenity Townhomes saw a substantial turnaround and revitalization during the five-year Elevation ownership. Upon initial purchase, the property was less than 40% occupied with countless deteriorated units and neglected grounds. The Elevation team recognized that the unit sizes and two-story floorplans were some of the largest in the portfolio and knew that a strategic, well-thought plan was necessary. After significant value-add enhancements, Serenity Townhomes had achieved 92% occupancy as of the sale date.
"I'm so proud of the work our team at Elevation did to bring a struggling affordable housing community back to life for the people of Montgomery," said Chris King, CEO of Elevation Financial Group.
While executing massive updates to the units, clubhouse, office, exterior and amenities, the Elevation team also learned that a local volunteer group had been meeting at the property to tutor children in the community. Once the team saw the room and sparse resources, they immediately realized that the volunteers and students needed much more to be successful. A new fully equipped tutoring room was quickly delivered, complete with the tools to effectively reach the school-aged children at Serenity Townhomes and the surrounding area.
Since inception, Fund V delivered over 1,000 affordable housing units to families and seniors throughout three states, including Louisiana, Alabama, and South Carolina. Through Elevation's subsequent funds, VI and VII, the company owns and operates quality, affordable multifamily and senior communities throughout eight states.