Elevate Commercial Investment Group, announces the sale of The Beatriz, a multifamily asset that is part of a greater 180 unit portfolio in Houston, Texas.
This is 1 of 3 assets held in the “Houston 180” portfolio. With the sale they were able to return 50% of the initial equity invested in the deal while still holding on to the other 2 assets. As part of the repositioning plan they have brought on their in-house property management company, Equity Real Estate Management Company.
“This was a big win for all investors involved and we are excited about the path forward here for the rest of the portfolio” says Elevate CIG CEO Jorge Abreu. Elevate owns and manages 5,345 doors across Texas, Arkansas, Oklahoma, South Dakota, South Carolina and Florida with 1,146 of those doors being located in Houston TX. “It took a lot of effort working with the TX DOT to get it to the finish line but we are happy with the results.” Jorge mentioned as TX DOT was the buyer in the transaction.
This is just the first step in positioning their portfolio for success. “In this commercial real estate market and more specifically, multifamily, you have to dig your feet in, work harder than ever, and get creative” Eric Bodiwala noted in reference to the changing multifamily dynamics. “We are continuing to push our systems & processes and become more vertically integrated while we haven’t been as active on new acquisitions.” Eric noted that they had a goal this year to do a deal a quarter but have not had a new acquisition for 2024 as he said they want to remain disciplined in their underwriting and “not do a deal just to do a deal.”
“We’ve upped our communication to our passive investors and are excited for this over $2 million distribution to them,” said Elevate’s CIO Brian Wagers. “Outside of this deal we are continually working on streamlining our investor experience and excited to finish 2024 strong and position for an even better 2025.”
