Key Takeaways
- • Elevation Capital Group's Fund 7 (MHPI VII, LLC) reached $100 million in subscriptions, prompting the Manager to raise the Maximum Offering Amount from its prior level to $150 million, with no further increase expected.
- • Fund 7 has more than 500 Members and controls over 7,500 units across 19 assets in 7 states, combining storage facilities and manufactured housing communities.
- • The fund is making monthly distributions to Members and expects them to continue, though distributions are not guaranteed.
- • Elevation, through affiliates, has acquired more than $475 million in properties and holds interests in over 175 assets across more than 30 states.
- • Elevation expects to close Fund 7 to new investments in 2019; the offering is limited to Accredited Investors under Regulation D.
Summary
Orlando-based real estate investment company Elevation Capital Group and its affiliates announced on May 1, 2019 that its current investment fund, MHPI VII, LLC ("Fund 7"), has reached $100 million in subscriptions, according to a PR Newswire release. In response, the Manager of Fund 7 increased the fund's Maximum Offering Amount to $150 million and stated that no further increase is expected.
Fund 7 is Elevation's seventh investment offering to date and has more than 500 Members. The portfolio combines storage facilities and manufactured housing communities, controlling more than 7,500 units across 19 assets in seven states. The fund is currently making monthly distributions to Members and expects those distributions to continue for the foreseeable future, though the release notes distributions are not guaranteed.
Ryan Smith, Principal of Elevation Capital Group, said the growth of Fund 7 reflects the quality and discipline of the team, while adding that significant work remains toward the stated objectives. He said the firm is committed to building strong partnerships with investors and assets as it grows the fund toward its $150 million goal.
Elevation focuses exclusively on two niche property types: manufactured housing communities and storage facilities. Through its affiliates, the company has acquired properties worth more than $475 million and holds interests in over 175 assets across more than 30 states. The company expects to close Fund 7 to new investments in 2019, though the release states no specific date can be known.
The offering is made only through a Private Placement Memorandum and is not registered under the Securities Act of 1933 or state securities laws. It is available only to Accredited Investors as defined in Rule 501(a) of Regulation D. The release states that the securities are highly speculative and involve substantial investment and tax risks, and that prospective investors should review the full memorandum, including its risk factors, before investing.
Fund 7 is Elevation's seventh investment offering to date and has more than 500 Members. The portfolio combines storage facilities and manufactured housing communities, controlling more than 7,500 units across 19 assets in seven states. The fund is currently making monthly distributions to Members and expects those distributions to continue for the foreseeable future, though the release notes distributions are not guaranteed.
Ryan Smith, Principal of Elevation Capital Group, said the growth of Fund 7 reflects the quality and discipline of the team, while adding that significant work remains toward the stated objectives. He said the firm is committed to building strong partnerships with investors and assets as it grows the fund toward its $150 million goal.
Elevation focuses exclusively on two niche property types: manufactured housing communities and storage facilities. Through its affiliates, the company has acquired properties worth more than $475 million and holds interests in over 175 assets across more than 30 states. The company expects to close Fund 7 to new investments in 2019, though the release states no specific date can be known.
The offering is made only through a Private Placement Memorandum and is not registered under the Securities Act of 1933 or state securities laws. It is available only to Accredited Investors as defined in Rule 501(a) of Regulation D. The release states that the securities are highly speculative and involve substantial investment and tax risks, and that prospective investors should review the full memorandum, including its risk factors, before investing.
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