Elevest Capital Acquires 229-Unit Dallas High-Rise for Fund 70
Scottsdale firm Elevest Capital launches its 70th acquisition, a downtown Dallas multifamily tower boasting a 6.4% going-in cap rate.
Elevest Capital, a Scottsdale-based private equity firm specializing in passive multifamily real estate investments, has launched Fund 70, centered on a 229-unit high-rise apartment property in downtown Dallas, the company announced Monday.
The acquisition carries a 6.4% going-in cap rate, which the firm says is the highest recorded across all of its funds to date — a notable benchmark given elevated interest rates and compressed yields that have challenged multifamily investors throughout the cycle.
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The Dallas market has remained a focal point for institutional and private equity capital due to sustained population growth, a diversified employment base, and continued in-migration from higher-cost metros. A downtown high-rise acquisition signals continued confidence in urban core multifamily demand even as suburban product has dominated much of the Sun Belt investment narrative in recent years.
Elevest Capital structures its offerings around passive investor participation, positioning the fund as an income-oriented vehicle. The 6.4% going-in cap rate suggests the firm negotiated a purchase price that reflects current financing realities rather than the compressed valuations that characterized the 2021-2022 peak.
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