Huntsville apartment complex sells for $13.25 million
Updated Apr 29, 2021;
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A 231-unit Huntsville apartment complex has sold for $13.25 million.
Elevation Financial Group announced the sale of Serenity Apartments, an Elevation Real Property Fund VI asset. The identity of the buyer was not released.
The property was purchased in 2017 for $5.38 million. The complex, which includes 1-, 2-, and 3-bedroom apartment units, finished a multimillion-dollar revitalization, including work to the leasing office, exterior painting, new interior courtyards, installation of new laundry facilities, and upgrades to more than 150 apartment units.
“With Serenity Apartments at Huntsville, our team used our expertise and experience to revitalize an underperforming asset and successfully completed both of our company missions, delivering affordable housing for the people of Huntsville and a significant return for Elevation investors,” Chris King, CEO of Elevation said.
Elevation Announces Sale Of Alabama Multifamily Property
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ORLANDO, Fla., April 23, 2021 /PRNewswire/ Elevation Financial Group, a senior and multifamily affordable housing provider, announces the successful disposition of Elevation Real Property Fund VI asset, Serenity Apartments at Huntsville. The 231-unit multifamily community sold for $13.25 million.
Serenity Apartments at Huntsville
Located in Huntsville, Alabama, the property was purchased in 2017 for $5.38 million. Elevation recognized the immense potential in the mix of 1-, 2-, and 3-bedroom apartment units as well as the prime location. Being situated within minutes to many large employers, including Redstone Arsenal U.S. Army Post and Marshall Space Flight Center, its location presented an ideal opportunity to deliver affordable and quality workforce housing to Huntsville residents.
ORLANDO, FL - Elevation Financial Group, a senior and multifamily affordable housing provider, announces the successful disposition of Elevation Real Property Fund VI asset, Serenity Apartments at Columbus. The 211-unit multifamily community sold for $13 million.
Located in Columbus, Georgia, the property was purchased in July 2018 for $7.6 million and was 72% occupied. Elevation recognized the immense potential in the unique mix of garden-style and larger than average townhome units as well as the prime location. Being situated within eight miles of Fort Benning Army base, three miles from Columbus State University and within minutes to many large employers, its location presented an ideal opportunity to deliver affordable and quality workforce housing to Columbus residents. After making many value-add enhancements, including the revitalization of over 50 apartment units, Elevation was able to significantly increase occupancy which remained high throughout its ownership
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