ORLANDO, FL - Elevation Financial Group, a senior and multifamily affordable housing provider, announces the successful disposition of Elevation Real Property Fund VI asset, Serenity Apartments at Columbus. The 211-unit multifamily community sold for $13 million.
Located in Columbus, Georgia, the property was purchased in July 2018 for $7.6 million and was 72% occupied. Elevation recognized the immense potential in the unique mix of garden-style and larger than average townhome units as well as the prime location. Being situated within eight miles of Fort Benning Army base, three miles from Columbus State University and within minutes to many large employers, its location presented an ideal opportunity to deliver affordable and quality workforce housing to Columbus residents. After making many value-add enhancements, including the revitalization of over 50 apartment units, Elevation was able to significantly increase occupancy which remained high throughout its ownership. At the time of sale, occupancy was 96%.
"Throughout our tenure with Serenity Apartments at Columbus, our team at Elevation consistently performed above and beyond expectations. From rehabilitation and upkeep to leasing and management, I could not be prouder of the exemplary service and value that we delivered for our residents and investors alike," said Chris King, CEO of Elevation. "As Serenity Apartments at Columbus transitions to a new owner, we can all take pride knowing that we fulfilled our mission to create safe, clean, and affordable housing for residents while delivering superb results for our investors."
The revitalization included a complete rehabilitation of the leasing office, new carpet in all exterior breezeways, exterior painting of the townhome buildings, parking lot paving, and restoration of over 50 apartment units, 10 of which were uninhabitable.
Serenity Apartments at Columbus marks the sixth disposition for Fund VI. Properties remaining in the portfolio include a multifamily community in Alabama, one in Mississippi, two senior properties in Virginia, and one senior community in Illinois.
Source: Elevation Financial Group