Elevation Capital Group, an Orlando, Fla.-based real estate investment company, has received more than $25 million toward its $50 million goal with Elevation Fund 8 LLC, which began accepting subscriptions and commitments last August and is targeting mobile homes and self-storage facilities. Fund 8 has also made its first acquisition and begun distributions to members, according to a press release.
The fund acquired Briarwood Estates, a 209-unit mobile-home community in the Washington, D.C., area. The purchase initiated monthly distributions to investors at a 5% annual rate in May, a release stated.
“We are encouraged by current deal flow and, with several of our prior programs returning more than $10 million to investors since December, we are grateful that many have chosen to continue to invest with us through Fund 8,” said Ryan Smith, principal. “Over the past decade, we have seen a sizeable growth in investor interest in alternative asset classes like self-storage and mobile-home communities, and believe this trend will likely continue.”
The minimum investment to participate in Fund 8 is $50,000, according to a filing with the Securities and Exchange Commission.
In March, Elevation announced it had returned more than $7.3 million to its Fund 3 and Fund 5 members. At that time, it had restored more than 70 percent of the original capital of Fund 3 and more than 50 percent of Fund 5, company officials said.
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.
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Securities and Exchange Commission, Form D Elevation Fund 8 LLC