Elevation Capital Group, an Orlando, Fla.-based real estate investment company with interests in self-storage, has recently returned more than $7.3 million to its MHPI III LLC (Fund 3) and MHPI V LLC (Fund 5) members. The company restored more than $2.1 million to Fund 3, which invested in 20 manufactured-housing communities. To Fund 5, which is comprised of self-storage and manufactured-housing assets, it returned more than $5.2 million. To date, it’s restored more than 70 percent of the original capital of Fund 3 and more than 50 percent of Fund 5, according to press releases. Fund 3 closed to new investors in 2014, while Fund 5 closed in 2017.
Both funds are affiliates of the Dahn Corp., which operates self-storage facilities under the Mini U Storage brand name. Its principals are Brian Dahn, president of Dahn Corp., and Jamie and Ryan Smith, according to the company website.
“We are happy for our Fund 5 investor family. Since its formation in 2015, our goal for Fund 5 has been to be in a position to provide both quarterly income distributions and ultimately return of capital to investors. We are pleased with the progress Fund 5 has made to date,” said Ryan Smith, who expressed similar sentiments regarding Fund 3.
Elevation recently announced the opening of Elevation Fund 8 LLC, which began accepting subscriptions and commitments last August. The fund is targeting mobile homes and self-storage.
Elevation has launched eight investment funds since 2013. Through its affiliates, the company has acquired properties worth more than $600 million and has held interest in more than 200 assets across more than 30 states, the release stated.
Based in Newport Beach, Calif., Dahn Corp. develops and manages self-storage real estate investments through its Dahn America360 LLC division. The company and its affiliates have acquired, developed or sponsored more than 6.5 million square feet of storage. It owns 46 facilities comprising more than 3.1 million net rentable square feet.