MONTGOMERY, AL – Elevation Financial Group, a provider of affordable senior and multi-family homes, announces the sale of the assets of Elevation Real Property Fund V, Serenity Townhomes, Montgomery. The multi-family community of 192 residential units sold for $ 6.9 million and represents the disposal of the final asset in Fund V.
Serenity Townhomes was purchased for $ 3.45 million in 2015 and saw a significant turnaround and revival during Elevation's five-year ownership. When it was first purchased, less than 40% of the property was occupied with countless deteriorated units and neglected lots. Realizing the unit sizes and two-story floor plans were among the largest in the portfolio, the Elevation team knew they needed a strategic, well-thought-out plan. After significant value creation improvements, Serenity Townhomes had reached 92% occupancy on the date of sale.
"I'm so proud of the work our team at Elevation has done to bring a difficult affordable housing community back to life for the people of Montgomery," said Chris King, CEO of Elevation Financial Group.
While doing massive updates to the units, clubhouse, office, exterior and facilities, the Elevation team also learned that a local volunteer group had met on the property to educate children in the community. When the team saw the space and the scarce resources, they immediately realized that the volunteers and students needed a lot more to be successful. A new fully equipped tutoring room with the tools to effectively reach the school age children in and around Serenity Townhomes was quickly deployed.
Since its inception, Fund V has delivered over 1,000 affordable housing units to families and seniors in three states including Louisiana, Alabama and South Carolina. Through Elevation Funds VI and VII below, the company owns and operates high quality, affordable, multi-family and senior communities in eight states.
Source: Elevation Financial Group