Multi-Family Properties
Robust Portfolio
Since 2020, Elevate Realty has assembled a sizeable portfolio in the Greater Nashville area for its long-term hold strategy. In general, the firm looks to acquire small multi-family properties located in the fastest growing sub-markets of Nashville that need renovating.
Off-Market Acquisitions
Nearly all of the firm's units have been acquired off-market leveraging its deal sourcing relationships in the area. Additionally, nearly all of the properties have been acquired for all-cash with quick closings in order to secure the best possible purchase terms.
Long-Term Strategy
The firm has typically funded its renovations post-closing with cash and then selectively obtained long-term low cost financing once the properties are fixed up and the rents increased. Multi-Family units are intended to be held for the long-term.
Tulip Grove (4 Units)
MULTI-FAMILY PROPERTY
$480,000 ($120,000 per unit)
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Property Description
December 2020
In December 2020, Elevate Realty acquired two side-by-side duplexes on Tulip Grove in Hermitage, one of the fastest growing suburbs approximately 16 miles from Nashville’s city center. Hermitage is located east of Donelson, a Nashville borough named in honor of Andrew Jackson’s father-in-law John Donelson, and just to the west of Mount Juliet in adjacent Wilson County.
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Elevate Realty believes Hermitage offers residents tremendous value with more affordable homes and rentals with quick access to downtown Nashville. In 2022, we performed a light renovation to freshen up both properties and we were thrilled two of the residents decided to stay with us and we welcomed two new residents to the property.
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Since closing on this acquisition, rents have increased from an average of $975 per month to $1,500 per month (+54% representing a 15% gross yield on our cost basis of $120,000 per unit).
Total Units
4
Location
Hermitage, TN
MULTI-FAMILY PROPERTY
Bonnas / Hermitage Hills (4 Units)
$495,000 ($123,750 per unit)
Property Description
February 2020 | March 2021
In February 2020, the firm purchased 828 Heritage Trail off-market for $220K in the “Bonnas” or “Hermitage Hills” section of Hermitage. This two-story duplex has two bedrooms and one and a half bathrooms in each unit that totals 1,920 square feet.
In March 2021, Elevate Realty added to its investment in this area with the purchase of another duplex at 701 Linden Green off-market for $275K after nearly a year of courting the seller. This one-story duplex has two bedrooms and one bathroom in each unit that totals 1,680 square feet.
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In 2021, we renovated 828 Heritage Trail and followed that up with the renovation of 701 Linden Green in late 2022. Since closing on 828 Heritage Trail, rents have increased from an average of $800 per month to $1,500 per month (+88% representing a 16 gross yield on our cost basis of $110K per unit). Similarly, rents have increased from an average of $800 per month to $1,600 per month (+100% representing a 14% gross yield on our cost basis of $137,500) per unit at 701 Linden Green.
Total Units
4
Location
Hermitage, TN
Hunting Drive (6 Units)
MULTI-FAMILY PROPERTY
$756,000 ($126,000 per unit)
Property Description
April 2021 | March 2022
Elevate Realty has steadily increased its investment in this area of Hermitage near the TriStar Summit Medical Center, a 218-bed comprehensive facility offering a full array of acute care services, and a large Kroger grocery store with the following purchases:
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In April 2021, Elevate Realty purchased 4116 Hunting Drive off-market for $240K, a one-story brick duplex with two bedrooms and one and a half bathrooms in each unit that totals 1,500 square feet.
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In September 2021, Elevate Realty added to its investment in this area with the off-market purchase of 4672 Forest Ridge Drive for $216K, a one-story brick duplex with two bedrooms and one bathroom in each unit that totals 1,537 square feet
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In March 2022, the firm acquired 4120 Hunting Drive off-market for $300K giving the firm side-by-side duplexes on Hunting Drive. This one-story brick duplex has two bedrooms and one bathroom in each unit that totals 1,500 square feet.
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In 2021, we renovated both units at 4116 Hunting Drive and are scheduled to renovate 4672 Forest Ridge Drive in October 2022 and both units at 4120 Hunting Drive in early 2023. Since closing on 4116 Hunting, rents have increased from an average of $800 per month to $1,500 per month (+87% representing a 15% gross yield on our cost basis of $120,000 per unit). We expect a similar increase in rents following the renovations of 4672 Forest Ridge Drive and 4120 Hunting Drive.
Total Units
6
Location
Hermitage, TN
MULTI-FAMILY PROPERTY
Donelson (4 Units)
$404,750 ($101,188 per unit)
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Property Description
June 2021
In June 2021, Elevate Realty purchased a quadplex off-market at 248-250 McGavock Pike in the heart of trendy Donelson only a few doors away from Nectar Urban Cantina, a Mexican restaurant that often makes the top-10 lists for best restaurants in Nashville. The property was listed by the former owner on Facebook and miraculously received 35 offers in 3-days, although Elevate Realty was able to distinguish itself with an all-cash offer of $404,750 ($101,188 per unit) and two-week closing timeline.
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Total Units
4
Location
Donelson, TN
Goodlettsville Bargain (3 Units)
MULTI-FAMILY PROPERTY
$272,000 ($90,667 per unit)
Property Description
Decemeber 2020
In December 2020, Elevate Realty purchased a triplex off-market in Goodlettsville for $272K. This two-story brick triplex has two bedrooms and one bathroom upstairs in each unit and a large three bedroom one bath unit downstairs. There is a large man-made lake behind the property called Pages Lake that is stocked with carp and deer regularly roam the property that is surrounded by single family homes on a quiet street.
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The triplex was purchased from an out-of-town investor off-market. Elevate Realty was able to secure a $40,000 purchase price reduction after we shared a picture from the inspection report with the seller that showed mold all over a closet that contained all three hot water heaters for the property. Fortunately, the mold was easily removed for less than $1,000 with a few bleach applications and is not expected to return after the installation of a vented louver door.
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Since closing, rents increased from an average of $400 per month per unit to $5,500 per month currently across all three units.
Total Units
3
Location
Goodlettsville, TN
MULTI-FAMILY PROPERTY
Whites Creek (26 Units)
$2.9MM ($115,000 per unit)
Property Description
September 2021 I June 2022 | August 2022
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In September 2021, Elevate Realty acquired a substantial portfolio of 22 affordable housing units only four miles away from Oracle’s new office park and Nissan Stadium given the expectation for substantial job formation and economic activity in this part of Nashville over the next decade.
In June and August 2022, Elevate Realty acquired two more duplexes (four units) to increase its inventory of units in the area to 26 units.
Since closing, Elevate Realty has renovated nearly all of the units increasing rents from an average of $1,025 per month to around $1,500 per month.
Total Units
26
Location
Nashville, TN
Madison (12 Units)
MULTI-FAMILY PROPERTY
$1.3MM ($110,000 per unit)
Property Description
Late 2020 | Early 2021 | May 2021 | April 2022
In late 2020 and early 2021, Elevate Realty purchased 8 condos in Madison, TN from three different sellers. These condos offered exceptional value considering their proximity to downtown at a purchase price of approximately $100K per unit .
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In May 2021, Elevate Realty purchased 415 Delaware off-market for $210K in Madison. This duplex has two bedrooms and one bathroom in each unit that totals 725 square feet. In April 2022, Elevate Realty added to its investment in this area with the purchase of another duplex at 817 Brooks Avenue off-market for $310K. This one-story duplex has two bedrooms and one bathroom in each unit that totals 768 square feet.
Total Units
12
Location
Madison, TN
