Elevation Financial Group, a provider of senior and multifamily affordable housing, has sold Serenity Apartments at Baton Rouge.

The 328-unit multifamily community sold for $15.5 million or $47,256/unit. Elevation purchased the property in August 2016 for $4 million or $12,195/unit. At the time of acquisition, almost half of the apartment units weren’t fit to live in and the grounds were in disrepair.

Just days before the deal closed, Baton Rouge experienced a flood that destroyed much of the surrounding area and left thousands homeless.

Elevation worked with local and other organizations to restore more than 160 units, roof replacement, extensive asphalt and concrete repair, exterior paint. Also, it reconstructed an additional 10 units that fire had destroyed.  More than $3.8 million was spent on restoring the property, and occupancy increased to 95 percent, from less than 50 percent.

" Serenity Apartments at Baton Rouge is a perfect example of what is possible in the affordable housing arena if the work is approached with conviction, creativity, tenacity and kindness," said Michael King, vice president of Elevation Financial Group.