North Baton Rouge apartments sold for $15.5M

Orlando-based private equity firm Elevation Financial Group today announced it sold a 328-unit apartment complex in north Baton Rouge for $15.5 million.

Serenity Apartments Investment LLC of New Jersey, whose officer is named as Shlomo Goldwasser on the secretary of state’s website, was the buyer, according to sales documents.

Elevation Financial Group says it purchased Serenity Apartments, near North Ardenwood Drive and Renoir Avenue, for $4 million in 2016. Most of the apartments were in disrepair and the company spent $3.8 million restoring the complex.

More than 160 units were restored and occupancy has risen from less than 50 percent to 95 percent, Elevation says.  

Elevation focuses on acquiring, revitalizing and operating affordable apartment complexes for independent seniors and families. The Serenity Apartments project was its fourth disposition for its Fund V. Read the company announcement.

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