DALLAS, June 28,
2024 /PRNewswire/ -- This is 1 of 3 assets held in
the "Houston 180" portfolio. With
the sale they were able to return 50% of the initial equity
invested in the deal while still holding on to the other 2 assets.
As part of the repositioning plan they have brought on their
in-house property management company, Equity Real Estate Management
Company.
"This was a big win for all investors involved and we are
excited about the path forward here for the rest of the portfolio"
says Elevate CIG CEO Jorge Abreu.
Elevate owns and manages 5,345 doors across Texas, Arkansas, Oklahoma, South
Dakota, South Carolina and
Florida with 1,146 of those doors
being located in Houston TX. "It
took a lot of effort working with the TX DOT to get it to the
finish line but we are happy with the results." Jorge mentioned as
TX DOT was the buyer in the transaction.
This is just the first step in positioning their portfolio for
success. "In this commercial real estate market and more
specifically, multifamily, you have to dig your feet in, work
harder than ever, and get creative" Eric
Bodiwala noted in reference to the changing multifamily
dynamics. "We are continuing to push our systems & processes
and become more vertically integrated while we haven't been as
active on new acquisitions." Eric noted that they had a goal this
year to do a deal a quarter but have not had a new acquisition for
2024 as he said they want to remain disciplined in their
underwriting and "not do a deal just to do a deal."
"We've upped our communication to our passive investors and are
excited for this over $2 million
distribution to them," said Elevate's CIO Brian Wagers. "Outside of
this deal we are continually working on streamlining our investor
experience and excited to finish 2024 strong and position for an
even better 2025."
About Elevate CIG
Elevate Commercial Investment Group is a Dallas-based multifamily investment firm with
roughly $600M in assets under
management. They provide busy professionals with the opportunity to
invest in real estate without the hassle of having to analyze
properties, manage tenants, or deal with any repairs. Rather than
attempting to predict the market cycles, Elevate acquires
cash-flowing apartments within large, well-located U.S. metros.
Media Contact:
info@elevatecig.com
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SOURCE Elevate Commercial Investment Group