ORLANDO, FL – Elevation Financial Group, a leading provider of affordable apartment buildings, announces the successful sale of the assets of Elevation Real Property Fund VI, Serenity Apartments in Columbus. The multi-family community of 211 units sold for $ 13 million.
The Columbus, Georgia property was purchased for $ 7.6 million in July 2018 and is 72% occupied. Elevation recognized the immense potential in the unique mix of garden style and larger than average townhouse units as well as the first-class location. Located within eight miles of the Fort Benning Army base, three miles from Columbus State University and minutes from many major employers, the site provided an ideal opportunity to provide affordable, high quality labor housing for Columbus residents To make available. After many value-adding improvements, including the revitalization of over 50 residential units, Elevation was able to significantly increase occupancy, which remained high throughout the property. At the time of sale, the occupancy rate was 96%.
"During our tenure at Serenity Apartments in Columbus, our team at Elevation has consistently exceeded expectations. From refurbishment and maintenance to leasing and management, I couldn't be more proud of the exemplary service and value we offer our residents and investors alike "said Chris King, CEO of Elevation. "As we move to new ownership of Serenity Apartments in Columbus, we can all be proud that we have accomplished our mission to create safe, clean and affordable housing for residents and deliver great results to our investors."
The revitalization included a complete renovation of the leasing office, a new carpet in all outside breezes, an exterior painting of the townhouse buildings, a parking lot paving and the restoration of over 50 residential units, 10 of which were uninhabitable.
The Serenity Apartments in Columbus are the sixth disposition for Fund VI. Remaining properties in the portfolio include an apartment building in Alabama, one in Mississippi, two senior properties in Virginia, and one senior community in Illinois.
Source: Elevation Financial Group