MONTGOMERY, AL – Elevation Financial Group, a provider of senior and multifamily affordable housing, announces the disposition of Elevation Real Property Fund V asset, Serenity Townhomes at Montgomery. The 192-unit multifamily community sold for $6.9 million and represents the disposition of the final asset in Fund V.
Bought in 2015 for $3.45 million, Serenity Townhomes saw a substantial turnaround and revitalization during the five-year Elevation ownership. Upon initial buy, the property was less than 40% occupied with countless deteriorated units and neglected grounds. The Elevation team recognized that the unit sizes and two-tale floorplans were some of the largest in the portfolio and knew that a strategic, well-thought plot was necessary. After significant value-add enhancements, Serenity Townhomes had achieved 92% occupancy as of the sale date.
“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,” said Chris King, CEO of Elevation Financial Group.
While executing massive updates to the units, clubhouse, office, exterior and amenities, the Elevation team also learned that a local volunteer group had been meeting at the property to tutor children in the community. Once the team saw the room and sparse resources, they immediately realized that the volunteers and students needed much more to be successful. A new fully equipped tutoring room was quickly delivered, complete with the tools to effectively reach the school-aged children at Serenity Townhomes and the surrounding area.
Since inception, Fund V delivered over 1,000 affordable housing units to families and seniors throughout three states, including Louisiana, Alabama, and South Carolina. Through Elevation’s subsequent funds, VI and VII, the company owns and operates quality, affordable multifamily and senior communities throughout eight states.

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FORT WORTH, TX – Greystar Real Estate Partners, a global leader in the investment, development and management of high-quality rental housing properties, announced Album Keller Ranch, a new 55+ active adult community designed to provide residents the best of 55+ carefree living at a fantastic value. Developed in partnership with The Carlyle Group, the 180 apartment active adult community, located in Fort Worth, Texas, is a new brand concept expected to open Spring 2021. The Album brand joins Overture and Everleigh, two other acclaimed active adult brands by Greystar.
Album was made in response to a growing demand for the freedom and convenience of modern active adult rental living at a moderate monthly cost, said Jackie Rhone, Executive Director, Greystar Active Adult Apartment Homes. Our new Album brand combines all we have learned as the leader in this rapidly growing style of living including the desire for freedom and flexibility as well as peace of mind. With Album, we have made the perfect place to call home and provide the foundation and resources for residents to come together and build their unique community culture and experience.
Album Keller Ranch features numerous on-site amenities designed to be warm and welcoming while supporting resident health and well-being. This includes an expansive clubhouse and outdoor amenity area including a lounge, outdoor kitchen, heated swimming pool, fire pit, dog park, walking paths and community garden. Residents can also take advantage of the community s fitness center and yoga studio, as well as a TV lounge and dedicated spaces for media, games and arts and crafts.
The community offers a variety of apartment homes suitable for any lifestyle, including spacious one and two-bedroom residences. The thoughtfully-designed residences feature high-quality finishes, including granite countertops, subway tile backsplashes, designer fixtures, prep islands, stainless steel appliances and built-in pantries. Additional finishes include wood-style flooring, spacious walk-in closets, and some with private balconies or pet yards.
Album Keller Ranch is conveniently located at 5640 Keller Ranch Road in close proximity to local shopping, a farmer’s market and historic downtown Keller. The community is part of a larger mixed-use master plot being developed by Greystar which also includes retail shops and Elan Keller Ranch, a garden style apartment home community.

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ATLANTA, GA – TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of The Crossings at Holcomb Bridge Apartments. TerraCap bought the 268-unit apartment complex for $27.3 million in September 2017 as part of a four-property, 1,100-unit multifamily portfolio buy totaling $116,000,000. Since acquisition, TerraCap’s combined strategy of property upgrades, organic rent growth, and unit renovations caused a significant increase in rental rates at the 1984 vintage property.
Robert Witt, TerraCap Asset Manager, said “When we bought the Holcomb property, we saw the opportunity to capitalize on a well-located asset with strong demographics, access to public transit, and in-place rents that were well below the competitive properties. We executed a capital plot to update the exteriors, renovate unit interiors, and improve the quality of onsite management. The physical and operational improvements generated a 33% increase in the monthly rents from $787 to $1,046 over three years. The buyer will take over a property where they can expand on the strong growth fundamentals that are currently in place.”
The property is located in the northern Atlanta suburb of Roswell. The North Fulton submarket is one of the most desirable housing submarkets in Atlanta and rent growth has outpaced the metro average in recent years. TerraCap hired First Communities Management as the property manager because of their deep experience in executing value-add multifamily strategies across the Atlanta Market.
“We are pleased to see the North Atlanta Holcomb Apartments business plot reach an outcome that exceeded our expectations,” said Steve Hagenbuckle, Founding Partner and Managing Director for TerraCap. “Our conviction towards investing in high demand, financially healthy markets that see outsized employment growth and in-migration continues, and remains a safe choice for us and our investors. The TerraCap asset management team and our local business partners need to be commended for their outstanding execution of this investment.”
David Gutting of NGKF in Atlanta represented TerraCap on the sale. First Communities Management led by Mitch Harrison, Jon Nixon, and Ed Romano represented TerraCap on the property management.

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