Elevest Capital Acquires High-Rise Multifamily Property in Downtown Dallas
Elevest Capital, based in Scottsdale, Arizona, has acquired Fund 70, a high-rise multifamily property located downtown in Dallas. The acquisition includes a 229-unit apartment complex built in 2007 with strong occupancy rates and no rental concessions for the past year. The firm purchased the asset at an impressive going-in cap rate of 6.4%, marking its highest to date across all funds, indicating potential for robust cash flow and appreciation over time. The property is expected to generate a preferred return of 8.0% with projected internal rates of return (IRR) reaching up to 15.6%. Elevest Capital plans to hold the asset between two to five years before exiting at an estimated cap rate of 5.25%, aiming for substantial returns through appreciation and cash flow distribution.
Topics: acquisition_announcement cap_rate multifamily_real_estate