Fla. group sells Spartanburg apartments to Simpsonville’s Upstate Property Rentals

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Serenity Apartments at 345 Bryant Road in Spartanburg have been sold. Photo courtesy of Elevation Financial Group.

A 152-unit apartment community in Spartanburg County has changed hands.

Florida-based Elevation Financial Group, a provider of affordable housing for seniors and families, said it sold its multifamily Serenity Apartments at 345 Bryant Road for $7.05 million to Simpsonville-based Upstate Property Rentals.

Ron Phillips, principal of Upstate Property Rentals, said the community will be renamed Cross Creek Apartments, as Serenity is a licensed brand name.

“This is a very good property. It’s newly renovated,” Phillips said. “It’s in great shape.”

He said the property is currently fully occupied and tenants can expect to see little to no changes under the new ownership.

Elevation purchased the apartments, which were constructed in 1981, for $4.05 million from Cross Creek Apartment Associates LLC in 2015.

The company said it “immediately initiated” $1 million in renovations, which included new windows, new roofs, renovated interiors, and a rebranding of the property.

Elevation said the property, which consists of one-bedroom garden-style units and was a part of the company’s Elevation Real Property Fund V portfolio, maintained an occupancy level of 95 percent or above during its ownership.

“After making significant improvements to the property, we continued to maintain affordable rents for the residents, while positively serving the community,” saidChris King, president and CEO of Elevation, in a statement. “We are thrilled to once again deliver safe, clean, and affordable housing to families and strong returns for our Fund V investors.”

Additional properties in Elevation’s Fund V portfolio include a 415-unit property in Columbia, three multifamily properties in Alabama, and one property in Baton Rouge, La.

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