Florida-based Elevation Financial Group has sold the Serenity Apartments at Huntsville for $13.25 million. The group purchased the property for $5.38 million in 2017 and has performed major renovations on the 231-unit multi-family complex.
“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,” said Chris King, CEO of Elevation.
The Serenity deal marks the seventh disposition from Elevation’s Fund VI properties, leaving four properties in Mississippi, Virginia and Illinois in the fund.
Elevation describes itself as a real estate private equity company. They have a focus on acquiring, revitalizing and operating affordable apartment communities for independent seniors and families. It is based in Orlando.
