Elevation Financial Group, a Florida-based real estate private equity company, said that it has sold Serenity Townhomes, an Elevation Real Property Fund V asset located at Montgomery, Alabama for $6.9 million.

The multifamily community, which has 192 units, marks the sale of the final asset in Elevation Real Property Fund V.

Serenity Townhomes, which was acquired for $3.45 million in 2015 by Elevation Financial Group, is said to have seen a significant turnaround and revitalization during its ownership.

The real estate private equity company said that upon initial acquisition, the property was less than 40% occupied with many deteriorated units and neglected grounds. As a result, the company claimed to have taken up significant value-add enhancements to help Serenity Townhomes reach 92% occupancy as of now.

Chris King – CEO of Elevation Financial Group said: “I’m so proud of the work our team at Elevation did to bring a struggling affordable housing community back to life for the people of Montgomery.”

In June 2020, Elevation Financial Group, through its Elevation Real Property Fund VII, acquired Kennington Pointe, a 155-unit senior property in Memphis, Tennessee, for $2.2 million.

  Alabama, Chris King, Elevation Financial Group, Montgomery, Real estate industry news, Serenity Townhomes, USA