TAMPA, FL – Preferred Apartment Communities announced its acquisition of Altis Wiregrass Ranch, a newly-constructed 392-unit Class A multifamily community located in Tampa, Florida.
Jeff Sherman, President of Multifamily said, “Despite the current near-term environment, our financial involvement in the development of this property since inception gives us a deep understanding of the positive long-term attributes of this best-in-class community and the growing market area around it.The opportunity to buy it came through a real estate loan investment that PAC made for the development of the property over two years ago and once again illustrates the imbedded value inherent in these loans.” Mr. Sherman added, “This acquisition demonstrates our commitment to our strategy of selectively adding newly constructed Class A multifamily communities to our portfolio, which we believe will translate into sustainable and growing cash flows.”
Altis is located in Wiregrass Ranch, a master plotted mixed-use community spanning over 5,000 acres with top rated schools, medical facilities including a hospital, destination shopping and dining venues. Mr. Sherman stated, “The continued growth in Wiregrass Ranch abounds; currently a 98,000 SF indoor sports facility and Marriott branded hotel are under construction behind Altis and recently, Raymond James submitted a preliminary site plot to Pasco County for their much anticipated satellite office expansion.” Mr. Sherman continued, “In addition to the exciting growth tale of Wiregrass Ranch, we were able to secure outstanding project level debt for this property.”
PAC bought Altis all cash, net of the full payment of our loan investment and all accrued interest. PAC executed a rate lock with Nationwide for a first mortgage loan bearing interest at a fixed rate of 2.90% per annum for a 10-year term that amortizes based on a 30-year schedule. PAC expects to close this loan with Nationwide during the second quarter of 2020. There will be no loan guaranties provided by PAC or our operating partnership.

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MONTGOMERY, AL – Elevation Financial Group, a provider of multifamily and senior affordable housing, announced the sale of Elevation Real Property Fund V asset, Serenity Apartments at the Park. The 176-unit multifamily property located in Montgomery, Alabama, sold for $5.28 million.
With this sale, Fund V experienced a healthy profit reflective of Elevation’s initial acquisition having a very low basis, as well as the Fund’s success in repositioning the asset to be worth several million dollars more. In spite of the market turmoil around coronavirus, Elevation was able to attract strong sub-market pricing per unit (nearly $11,000 more than per unit acquisition pricing) and bring the asset to closing.
“In the midst of a national pandemic and an economic nightmare for market investors, Elevation is delighted to have delivered once again with its sale of Serenity Apartments at the Park in Montgomery, Alabama. This workforce housing property required a tremendous level of commitment by Elevation management to deliver on its promise to residents and investors, ” said Chris King, CEO of Elevation Financial Group. “I am proud that we turned over a full property to the new buyer and produced a strong profit for our investors, at a time when they need a small excellent news. To an investor community that has stood beside us faithfully, thank you for giving us the opportunity to serve you in excellent times and in terrible times. As Elevation was birthed during the fantastic recession, I have always believed that we have been equipped to do some of our best work during the toughest economic times.”
During the time of ownership, Elevation completely revitalized the community and made a number of value-add enhancements. One addition was Serenity Park, an expansive outdoor area for families and children. It was quickly recognized during the initial buy that the outdoor space where families and children spent time was deteriorating and unsafe. Making this area safe again was a priority, but Elevation took it a step further and added a large playground, picnic areas with canopies, a soccer field and walking track. Serenity Park provided a place for children to play and families to bbq, picnic and exercise.
Additional enhancements include the rehabilitation of over 75 units, exterior painting and landscaping, the installation of water conservation kits in all of the units and a leasing office renovation.
Serenity Apartments at the Park represents the fifth property sold for Fund V with one asset, Serenity Townhomes at Montgomery, still remaining in the portfolio.
The past six months have been very active for Elevation with four properties sold and nine apartment communities bought. The company also expanded into Virginia, Illinois and Indiana with the acquisition of multiple 55+ independent senior properties. In addition, Elevation recently closed on its seventh and largest fund, The Apollo Fund, which raised more than $43 million.

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PITTSBURGH, PA – MultiVersity Housing Partners (MVHP) has been awarded management of Union on 5th, located steps from the campus of Duquesne University and less than 2 miles from University of Pittsburgh. MultiVersity Property Management (MVPM) will be overseeing the management of this Class-A student apartment property as well as all plotted property improvements.
Union on 5th was converted into loft student apartments in 2016 and is made up of two-bedroom and three-bedroom apartments. The stylish apartments feature 20 ft plus ceilings, exposed brick walls, LVT and ceramic flooring, stainless steel appliances and are fully furnished. The property is 98% leased for the 2019-2020 lease term (school year).
MultiVersity Property Management (“MVPM”) has been appointed property manager, and will bring their forward-thinking approach and expertise in property management to maintain the assets position as Duquesne’s premier student housing option. As part of the property improvements, MVPM will be redesigning the lobby, relocating the office and leasing area, adding study space, renovating the hallways, added Luxer One package locker and constructing additional beds.
Union on 5th residents will be pleased with the hands-on approach of the MVPM team. MVPM prides itself on attention to detail and best in class customer service. An innovative and exciting resident retention platform will be implemented immediately.
“We look forward to adding our professional and hands on approach to this incredible asset. With MVPM’s oversite the property improvements that we have plotted will take this asset to the next level,” Christopher Feeley, Managing Partner of MultiVersity Housing Partners and MVPM. “We are excited to enter the Pittsburgh market, as Pittsburgh is home to our Operations team and office. We look forward to building a large presence in Pittsburgh and the evolving uptown neighborhood in particular,” Anthony Magnelli, Principal of MultiVersity Housing Partners and MVPM.

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