Elevest Capital and Rise48 Equity Secure Charlotte Multifamily Asset with Value-Add Vision Through Fund 64
Elevest Capital, a discerning player in the multifamily real estate sphere, has reached a notable milestone with the finalization of Fund 64. In tandem with Rise48 Equity, Elevest Capital has expanded its portfolio through the acquisition of a 240-unit B+ property in a flourishing submarket of Charlotte, North Carolina. This strategic move further cements Elevest’s commitment to investing in properties that are not only situated in promising locations but also brimming with untapped potential for growth and value addition.
Constructed in 1999, the newly acquired multifamily community holds significant promise for investors. As the landscape of urban dwelling evolves, Elevest Capital has identified an array of opportunities to modernize the property. For instance, updating the unit interiors and introducing in-unit washers and dryers stand out as key enhancements that could potentially boost rental income while simultaneously raising the standard of living for residents.
Adam Williams, the Founder & CEO of Elevest Capital, during the announcement, stressed on the integral philosophy of the acquisition stating, “Closing Fund 64 and acquiring this asset highlights the strength of our investment strategy and the value we bring to investors. Charlotte continues to demonstrate strong economic momentum, making this property a standout addition to our portfolio.” This sentiment reflects confidence in the region’s robust economic performance and the asset’s viable place within their investment framework.
Following the acquisition, Elevest’s plan is not merely about possessing an asset but transforming it. A comprehensive value-add scheme is slated for rapid implementation, which is centered around enhancing both units and communal amenities. Such tactical upgrades are geared towards achieving heightened occupancy levels, along with supporting rental growth—a testament to the firm’s methodical approach to asset development and management.
“Our team’s hands-on management and renovation expertise will be integral to realizing the full potential of this property,” Dana Williams, President of Elevest Capital, expressed with an emphasis on the unique blend of experience and skill that Elevest brings to the table. This investment captures the essence of Elevest’s disciplined investment vision, which strategically zeros in on assets within high-demand markets poised for enriching transformations.
In summary, Elevest Capital and Rise48 Equity’s completion of Fund 64 by acquiring the multifamily community in Charlotte nails down an investment thesis that highlights forward-thinking asset selection and underpins active management as pivotal to extracting value from real estate portfolios in modern high-growth markets.