Elevest Capital has launched Fund 70 around the planned $42 million acquisition of a 229-unit, 35-story multifamily property in Downtown Dallas.
The transaction represents Elevest Capital’s 70th acquisition and carries a 6.4% going-in capitalization rate, the highest initial cap rate across the firm’s funds to date.
Approximately $19.1 million of total equity is expected to support the acquisition.
Built in 2007, the property has maintained physical occupancy above 90% for the past decade and was 93% occupied when the offering was announced.
Elevest said the property had offered no rental concessions during the preceding 12 months.
Fund 70 is targeting an 8% preferred return, an 85/15 LP/GP split, a 15.6% projected internal rate of return and a projected 2.01x equity multiple.
The offering is also targeting average cash flow of 4%.
Elevest anticipates a two- to five-year hold period and a 5.25% exit cap rate.
The minimum investment is $200,000, and monthly cash distributions are expected to begin approximately 60 to 90 days after closing.
Elevest completed nine multifamily acquisitions during 2025, and Fund 70 represents its sixth offering of 2026.
The projected returns and distributions are targets rather than guarantees and remain subject to real estate and investment risks.
KEY QUOTE:
“Fund 70 is exactly the kind of asset we look for: a well-located, well-occupied property with a track record of stability. Buying at a 6.4% cap rate in an A+ downtown location is rare, and it’s the highest going-in cap rate we’ve ever purchased across all of our funds. For our investors, that means a strong starting point for both cash flow and long-term appreciation.”
Adam Williams, Founder and CEO of Elevest Capital
