DALLAS, Feb. 20, 2023 /PRNewswire/ — Elevate Commercial Investment Group, a vertically integrated multifamily investment firm based in Dallas, TX announced the acquisition of Watercolors of Centerton, a 232-unit multifamily complex in the booming NW Arkansas.
This is Phase 1 & 2 of the entire complex. Phase 3, another 144 units, is currently under construction and expected to be completed in Summer 2023. Elevate is already set to close on the acquisition of Phase 3 once construction is complete, which will make Watercolors a 376-unit community.
Elevate focuses on a strategy called ‘real estate syndications.’ This is a term for a group investment among many different investors. Elevate works with busy professionals who want all the benefits of real estate, but don’t want to manage the deal themselves. That’s what Elevate and their team do.
Elevate CIG raises capital from high-net-worth investors to acquire the deal and help with any repair/upgrade costs. In exchange for their capital, investors earn real equity in the deal. After closing, Elevate executes their business plan, provides monthly updates, and gives investors a substantial return on their investment. More information can be found on their website (www.elevatecig.com).
NW Arkansas is one of the hottest real estate markets in the U.S. right now. A recent Skyline Survey found that the apartment vacancy in this market is “functionally 0%.” The property Elevate just acquired, Watercolors of Centerton, is just 8 minutes away from the new Walmart HQ in Bentonville, which will house 19,000 employees.
“We continue to buy quality assets in thriving markets. There is still a huge demand for housing in the U.S. and especially here in NW Arkansas,” said Jorge Abreu, Co-Founder and CEO of Elevate. “NW Arkansas is experiencing a huge influx of jobs and people moving to the area.”
Watercolors of Centerton is conveniently located at the intersection of SW 14 street and Greenhouse Blvd. Complex amenities include a resort-inspired pool, gym, pickleball court, basketball court, pool tables, and pet park. Elevate plans to invest $1.5M into the property for improvements.
About Elevate CIG
Elevate Commercial Investment Group is a Dallas-based multifamily investment firm with over $500M in assets under management. They provide busy professionals with the opportunity to invest in real estate without the hassle of having to analyze properties, manage tenants, or deal with any repairs. Rather than attempting to predict the market cycles, Elevate acquires cash flowing apartments within large, well-located U.S. metros.
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SOURCE Elevate Commercial Investment Group