Located adjacent to a programmed municipal park and steps away from town retail and restaurant amenities, the project was developed through a joint venture of ELV and a valued development partner with expertise in the industry. Completed in November 2020 on time and on budget, the 430 garden-style apartments and street level retail space reached 90% occupancy the following Spring at rates considerably above pro forma. A pre-emptive purchase offer by a large syndication trust led to a sale in April 2021, supporting attractive results on ELV’s LP equity position of $25 million.
