Elevation Financial Group, LLC announced the sale of Serenity Apartments at Greenville, a multifamily property in South Carolina, through its Elevation Real Property Fund IV. The sale price was $9.25 million. Elevation purchased the apartment community in 2014 for $3.8 million and undertook renovations and rebranding.
Elevation Financial Group, LLC is pleased to announce the disposition of Elevation Real Property Fund IV asset, Serenity Apartments® at Greenville. The 200-unit multifamily community, located near downtown Greenville, South Carolina, was acquired for a purchase price of $9.25 million or $46,250/unit. For Elevation Real Property Fund IV investors, the disposition delivered a project Internal Rate of Return (IRR) of 77.8% and a Multiple of Invested Capital (MOIC) of 6.6x. The transaction was brokered by the South Carolina office of Berkadia Real Estate Advisors, LLC.
Elevation purchased the multifamily apartment community in 2014 for $3.8 million and immediately initiated its Serenity rebranding process. This involved significant capital renovations and upgrades throughout the property, including replacement of all windows and the creation of a new leasing office. Through the strong oversight of Elevation Property Management, the community increased its Net Operating Income by over 320% in only 15 months. With over 2,400 units in the management portfolio, Elevation Property Management manages multifamily apartment communities and senior towers throughout the Southeast United States.
“This 2014 acquisition and 2016 disposition represents the strongest Elevation transaction to date. Remarkably, through the implementation of cost-reducing environmentally sustainable systems, Elevation created such significant value without displacing residents or dramatically raising rents. This property has been properly re-positioned to deliver safe, clean and affordable housing for years into the future and we wish the new owner much success,” said Chris King, CEO and President, Elevation Financial Group, LLC.
Elevation Financial Group, through its subsequent fund, continues to own and operate the nearby 419-unit Serenity Apartments at Three Rivers, located in Columbia, South Carolina, as well as the 152-unit Serenity Apartments at Spartanburg, located inSpartanburg, South Carolina.
Elevation Financial Group, LLC, a real estate private equity company, leads an award-winning group of companies with a focus and mission to acquire, revitalize and operate affordable apartment communities for independent seniors and families. Elevation raises capital through no-load private placement funds subscribed to by accredited investors. Through a consortium of companies specializing in real estate investment, property renovation and property management, Elevation has delivered superior financial returns to its investors while making a positive and distinctive impact on the communities we serve.