Elevest Capital Acquired Downtown Dallas High-Rise
The firm purchased a 35-story residential building for $42 million through its latest investment fund.
Updated on Oct. 2, 2026 in Investing
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Elevest Capital has acquired a 35-story apartment high-rise in Downtown Dallas for $42 million. The firm utilized its newly launched Fund 70, which raised $19.1 million in equity for the purchase.
Why it matters
Elevest Capital targeted the 229-unit building for its stable performance, noting that the property has maintained a 90% occupancy rate over the last decade.
The property features 229 units and currently holds a 93% physical occupancy rate. Investors in Fund 70 are targeting an 8.0% preferred return and a 15.6% projected internal rate of return over a two- to five-year hold period.
The players
Elevest Capital
A private equity firm headquartered in Scottsdale that specializes in passive multifamily real estate investment opportunities.
The details
Constructed in 2007, the high-rise is the latest addition to the firm's portfolio following nine previous multifamily acquisitions in 2025. The investment requires a minimum buy-in of $200,000 for participants.
Timeline
The apartment high-rise was originally built in 2007.
Elevest Capital completed nine multifamily acquisitions throughout 2025.
Fund 70 was launched in 2026 as the firm's sixth offering of the year.
Market Dynamics
This acquisition reflects a broader move by private equity firms to capitalize on established, high-occupancy residential assets in major metro hubs. It follows a pattern of yield-focused pricing set by recent multifamily benchmarks in the region.
The deal offers qualified investors a targeted 2.01x equity multiple based on a minimum entry of $200,000. Potential participants should note the projected two- to five-year hold period before liquidity is expected.
The takeaway
Commercial real estate investors often prioritize properties with long-term occupancy stability to mitigate risk during economic cycles. Prior to committing large sums, investors should confirm that their specific liquidity needs align with the anticipated hold period of the fund.
Further reading
For more on how capital moves into local real estate, visit our Investing section.
Source note: This article includes information reported by MultifamilyBiz.
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