Aug
29

Spartanburg Apartments Sold for $46,400/Unit

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serenity aptsElevation Financial Group, LLC, provider of affordable housing for seniors and families, is pleased to announce the disposition of Elevation Real Property Fund V asset, Serenity Apartments® at Spartanburg. The 152-unit multifamily community sold for a purchase price of $7.05 million, or $46,381/unit, and represents the first disposition for Elevation Real Property Fund V. The transaction was brokered by the Charlotte office of Capstone Apartment Advisors.

Elevation purchased the multifamily apartment community from the original developer in 2015 for $4.05 million, or $26,315/unit, and immediately initiated approximately $1 million in renovations. Upgrades included new windows, new roofs, renovated unit interiors, and rebranding of the entire property. Consisting of one-bedroom garden-style units, the property was totally transformed by the vigorous revitalization. Through the strong oversight of Elevation Property Management, the community stabilized and consistently maintained an occupancy level at or above 95%.

Categories : Spartanburg

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