WINTER PARK, Fla., Oct. 8, 2015 /PRNewswire/ -- Elevation
Financial Group, LLC announces the acquisition of two multifamily
properties, located in Montgomery,
Alabama, for a purchase price of $6.8
million. The portfolio purchase includes Olympia Heights
Townhome Apartments, a 202-unit apartment community consisting of
1, 2 and 3-bedroom two-story townhome-style residences and
Cyprus Court Apartments, a
176-unit apartment community also consisting of 1, 2 and 3-bedroom
two-story garden-style units. Aligning with Elevation's branding
strategy, Cyprus Court Apartments
will be renamed Serenity Apartments® at the Park and
Olympia Heights will be renamed Serenity
Townhomes at Montgomery.
The continued deployment of investor capital from its
subsidiary, Elevation Real Property Fund V, LLC, supports
Elevation's expansion and presence in the Southeastern region. Both
properties are located in the reviving Southeast sector of the
Montgomery Loop, an area that has garnered significant attention
from city government and local businesses for redevelopment and
community investment.
"This portfolio acquisition represents a wonderful value-add
opportunity for our fifth fund and establishes a significant
presence and base of operations in Alabama. We look forward
to dramatically revitalizing the physical assets while providing a
higher level of quality and service to the residents," said
Chris King, CEO of Elevation
Financial Group.
Supporting its mission to provide clean, safe and affordable
housing, Elevation will undertake extensive renovations to the
common areas, amenities and units of both communities. Serenity Townhomes at Montgomery will undergo a comprehensive
revitalization to the apartment exteriors, clubhouse pool, and
grounds as well as significant interior renovations and upgrades to
the units. At Serenity Apartments at the Park, Elevation has
recognized the lack of amenities for families and children and in
addition to planned renovations to the unit interiors and exteriors
will build a park complete with a playground, soccer field and
running track.
The properties will be professionally managed by Elevation
Property Management, LLC, an affiliate of Elevation Financial Group
with a management portfolio in excess of 2,500 units covering five
Southern states.
About Elevation
Elevation Financial Group, a real estate private equity
company, leads an award-winning group of companies whose focus and
mission is to acquire, revitalize and operate affordable apartment
communities for independent seniors and families. As a private
equity company, Elevation raises capital through private placements
to accredited investors and maintains a commitment to low or no
loads on capital raised. Through a consortium of companies
specializing in real estate investment, property management and
property renovation, Elevation aspires to deliver superior
financial returns to its shareholders while making a positive and
distinctive impact on the communities we serve.
For further information visit:
www.ElevationFinancialGroup.com
Contact Information:
Angela Howell
Director, Marketing and Communications
Elevation Financial Group
407-215-1350
ahowell@elevationfinancialgroup.com
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SOURCE Elevation Financial Group, LLC