Elevation Financial Group Expands Portfolio into Alabama
- Oct 22, 2015
Montgomery, Ala.—Elevation Financial Group LLC acquired two multifamily properties in Montgomery, Ala.
For the purchase price of $6.8 million, the portfolio additions include Olympia Heights Townhome Apartments, a 202-unit community with one-, two- and three-bedroom two-story townhome-style residences, and Cyprus Court Apartments, a 176-unit apartment community consisting of one-, two- and three-bedroom two-story garden-style units. Cyprus Court Apartments will be renamed Serenity Apartments at the Park and Olympia Heights will be renamed Serenity Townhomes at Montgomery.
The continued distribution 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 situated in the revitalizing Southeast sector of the Montgomery Loop, an area that has gained 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,” said Chris King, CEO of Elevation Financial Group. “We look forward to dramatically revitalizing the physical assets while providing a higher level of quality and service to the residents.”
Backing its goal to offer clean, safe and affordable housing, Elevation will assume extensive renovations to common areas, amenities and units of both communities. Serenity Townhomes at Montgomery will undergo a thorough renewal to the apartment exteriors, clubhouse pool and grounds as well as interior renovations and upgrades to the units. At Serenity Apartments at the Park, Elevation has noticed the lack of amenities for families and children so, in addition to planned renovations to unit interiors and exteriors, it will build a park with a playground, soccer field and running track.
The properties will be managed by Elevation Property Management LLC, an affiliate of Elevation Financial Group with a management portfolio of more than 2,500 units across five Southern states.