Elevation Financial sells Greenville property for USD9m.
BANKING AND CREDIT NEWS-May 20, 2016-Elevation Financial sells Greenville property for USD9m
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Elevation Financial Group, LLC has sold Elevation Real Property Fund IV asset, Serenity Apartments in Greenville, South Carolina, a 200-unit multifamily community, for a purchase price of USD9.25 million, the company said.
For Elevation Real Property Fund IV investors, the disposition delivered a project internal rate of return (IRR) of 77.8 percent and a multiple of invested capital (MOIC) of 6.6x.
Elevation purchased the multifamily apartment community in 2014 for USD3.8 million and immediately initiated its rebranding process, which involved capital renovations and upgrades throughout the property,
Elevation CEO and president Chris King said, "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."
Elevation Financial Group, LLC, a real estate private equity company, leads a group of companies with a focus and mission to acquire, revitalize and operate affordable apartment communities for independent seniors and families.
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