Braxton, FKA Story Hill, was acquired in 2021 at 0% occupancy. The previous owner had water lines burst throughout the property as a result of a major freeze that happened in Texas in early 2021. Along with management issues and several fire damaged units, the owner decided to sell the property which allowed Elevate to acquire Braxton at an extremely low basis. As of May 2022, Elevate and JNT Construction are doing a full scale renovation on the interior and exteriors of this asset.
- 125 Units
- Purchase Price: $9.2MM
- Year of Construction: 1970
- Class C Property
- Full scale, major renovations on interior and exteriors.
- Adding amenities.
- Complete rebranding, new sign, new exterior paint.