Elevation Property Management Llc
Elevation Property Management Llc – WINTER PARK, Fla., November 3, 2015 // –Elevation Financial Group, LLC, is pleased to announce the successful closing on October 21, 2015 of the acquisition of all of the interests of Class B investor members in the first two phases. private equity real estate funds, Elevation Real Property Fund II, LLC (“Fund II”) and Elevation Real Property Fund III, LLC (“Fund III”). Fund II investors were paid $1,644,390 by Fund II for the sale of Class B membership interests, while Fund III investors were paid $1,750,032 by Fund III for the sale of Class B membership interests. Both transactions have completed all Class B investor participation in the fund.
With the goal of acquiring low-cost and affordable residential properties, Elevation closed Fund II raising capital of $2,340,000 in 2007 and closed Fund III raising capital of $5,477,750 in 2010. Total cash distributions to Class B investors throughout the term of the fund, including the purchase price for Class B member interests acquired by each fund in the transaction just completed, there is $6,149,855 (19.0% IRR, 2.65 ROI) for Fund II and $12,407 , 365 (23.4% IRR, 2.26 ROI) for Fund III.
Elevation Property Management Llc
“We are happy to send to Elevation community investors superior returns that are almost three times the capital investment in Fund II and more than twice the capital investment in Fund III. When Fund II and Fund III were opened during the worst financial crisis in 80 years, we were able to create substantial value for investors through opportunistic acquisitions, strategic renovations and disciplined management. It is a privilege to once again deliver above-market returns while preserving and revitalizing historic affordable housing communities throughout the Southeastern United States,” said Chris King, CEO of Elevation Financial Group.
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The remaining assets in Fund II and Fund III include Hillcrest Hampton House, a 156-unit, 14-story independent senior community located near downtown Orlando, Florida and Serenity Towers in St. Johns River in Sanford, Florida, respectively. Both properties consistently maintain a 100% occupancy rate with an ongoing waiting list.
Elevation Financial Group continues to manage two additional funds, Elevation Real Property Funds IV and V (“Fund IV” and “Fund V”, respectively). Fund IV raised $8,901,500 of its capital in January 2013 and Fund V raised $16,537,294 in November 2014. So far, Fund IV has distributed capital for the acquisition of four properties with a total of 902 apartment units and Fund V. in the process of deploying the capital has acquired four properties with a total of 949 apartment units.
About Elevation Elevation Financial Group, a private equity real estate firm, leads an award-winning group of companies whose focus and mission is to acquire, renovate and operate affordable apartment communities for seniors and their families. Elevation raises capital through a private placement for accredited investors and maintains a commitment not to disclose in the capital raising. Through a consortium of companies specializing in real estate investment, property management and property renovation, Elevation seeks to generate superior financial returns for its shareholders while making a positive and distinctive impact in the communities it serves. Elevation Financial Group, a provider of affordable senior and multifamily housing, announced the acquisition by Elevation Real Property Fund VII of Connemara Senior Living. Located in Brockton, MA, outside of Boston, the 86-unit senior property was purchased for $6.1 million. The property is Elevation’s second acquisition in the country, following the successful purchase of a senior property in Brewster last year. It also represents Elevation’s last acquisition in Fund VII, the capital of which is now fully deployed.
The property was previously used as a mixed memory care, assisted living, and independent living facility. The elevation will consolidate the struggling property, which was built in 1990, under the single-apartment model. Elevation’s capital improvement plans for the property include rehabilitation of the parking garage, installation of appliances in units without full kitchens, beautification of the property, and renovation of the building’s common areas. Repositioning the entire property as a combined age 55+ limited senior apartment community will allow Elevation to meet the needs of Brockton’s seniors by providing stylish and elegant housing at an affordable price. The seven-story property will also be rebranded as Serenity Towers in Brockton.
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“We are excited to expand Elevation’s footprint with our second acquisition in Massachusetts,” said Chris King, CEO of Elevation. “With Serenity Towers in Brockton, we see an incredible opportunity to not only generate returns for investors from our seventh full fund, but also to expand the stock of affordable housing needed for seniors, as well.”
Over the past 15 years, Elevation has raised and deployed more than one hundred million dollars in investor capital to improve and maintain affordable housing communities across the United States, including thousands of apartment homes for seniors. As with all Elevation properties, rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company that oversees senior and multifamily communities, will manage Serenity Towers in Brockton.
The latest acquisition represents the thirteenth and final purchase for Fund VII. Additional properties in Fund VII’s portfolio include four multifamily properties in Louisiana and senior properties in Illinois, Indiana, Tennessee, Texas, and Massachusetts.
Elevation Financial Group, LLC, a real estate private equity firm, leads an award-winning group of companies with a focus and mission to acquire, revitalize, and operate affordable apartment communities for seniors and families. As a private equity firm,
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Elevation raises capital through private placement for accredited investors and maintains a commitment to less or not much in raising capital. Through a consortium of companies specializing in real estate investment, property management, and property renovation, Elevation seeks to generate superior financial returns for shareholders while making a positive and distinctive impact on the communities it serves. property management standards in Bend. We strive to exceed expectations in everything we do with the highest level of professionalism, responsiveness, and service.
By listening. If you rent, we will learn what you want at home and take care of you on the road. If you are an owner, we want to understand your goals with your real estate investment and we will work hard to help you achieve those goals.
You call; we take You email; we respond. You ask the question; we answer. The concerns and needs of tenants and owners will not be ignored.
By treating people right. Call us old fashioned, but we believe not to speak louder than just being fair, respectful, humble and friendly.
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We treat your property as if it were our own. We understand that you trust us with one of our most important assets and we take that trust very seriously. Your investment becomes our investment. That means you, your property and your tenants receive the highest quality property management every time.
Renting can be stressful. We know because we have been owners and renters. The paperwork, application fees, and racing against others to find the right place can be challenging. We think there is a better way and we promise to treat you fairly and with respect as we set you up for success in your new home.
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