Elevation Capital Group, a real estate investment company and sponsor of private placement offerings, has closed its seventh fund, MHPI VII LLC (Fund 7), after raising more than $130 million in investor equity.
According to filings with the Securities and Exchange Commission, MHPI VII launched in April 2017 as a Regulation D 506(c) fund and had an original target raise of $50 million.
In addition, the company launched a subsequent Regulation D 506(c) fund, Elevation Fund 8 LLC (Fund 8), which began accepting subscriptions and commitments in late August 2020. The initial offering amount is $50 million, and Elevation said that it has already received commitments in excess of $20 million.
Both funds invest in self-storage assets and mobile home communities in select markets across the country.
To date, Fund 7 has purchased 26 assets located in markets that include Houston, Dallas, Austin, Washington DC, Phoenix, Denver, Sacramento, and Las Vegas. Elevation noted that the fund continues to make monthly distributions in light of the COVID-19 pandemic and expects distributions to continue for the “foreseeable future.”
“With the closing of Fund 7 earlier this year and subsequent deal flow which continues to remain elevated, our team saw an opportunity to launch Fund 8…,” said Ryan Smith, principal of Elevation Capital Group.
Elevation focuses on manufactured housing communities and self-storage facilities, and through its affiliates, has purchased properties worth more than $600 million and owned interest in more than 200 assets across 30 states.