Elevest raises $19M for a 229-unit Dallas high-rise
What's the deal? Elevest CapitalDealroom has a profile for this one. Try Dealroom →, a Scottsdale-based private equity firm, launched Fund 70 to acquire a 229-unit, 35-storey high-rise apartment community in downtown Dallas. The firm is raising roughly $19.1 million in equity to buy the property for $42 million.
The details: Built in 2007, the tower has held 90%+ occupancy for a decade and is currently 93% full, with no rental concessions in the past 12 months. Elevest targets an 8.0% preferred return, an 85/15 LP/GP split, a 15.6% projected IRR, and a 2.01x projected equity multiple.
Why it matters: The deal carries a 6.4% going-in cap rate — the highest across all Elevest funds to date. "Buying at a 6.4% cap rate in an A+ downtown location is rare," said founder and chief executive officer Adam Williams.
The terms: Minimum investment is $200,000, with monthly cash flow distributions expected to begin 60 to 90 days after closing. The firm anticipates a two-to-five-year hold and a 5.25% projected exit cap rate.
What's the endgame? Elevest aims to help accredited investors build wealth through passive ownership of multifamily real estate. It completed nine acquisitions in 2025, and Fund 70 is its sixth offering of 2026.
The signal: With a cap rate at the top of its historical range, Elevest is signalling that pricing on well-located, stabilised multifamily assets has shifted in buyers' favour — a starting point it frames as favourable for both cash flow and appreciation.
Read more: prnewswire.com
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