Elevation Financial Group, a real estate private equity firm, has acquired two senior properties in Illinois. The total purchase price was $10.7 million.
ORLANDO, Fla., Sept. 13, 2019 /PRNewswire/ — Elevation Financial Group, LLC is excited to announce the purchase of two senior properties for a total purchase price of $10.7 million. This acquisition brings the total number of properties purchased within the past two months to eight and represents the first purchase for Elevation in the state of Illinois.
The first property, Homestead at Montvale, is a 160-unit 55+ senior property acquired by Elevation Real Property VII, LLC (The Apollo Fund). The property was purchased for $8.4 million or $52,500/unit. The three-story community was built in 1999 and features an elevator, a game room, library, community rooms and additional amenities designed to serve senior residents.
The second property, acquired by Elevation Real Property Fund VI, LLC, is a 60-unit 55+ independent senior community purchased for $2.3 million or $38,333/unit. Built in 1996, Homestead Place is located in Springfield, Illinois.
Both properties are LIHTC (Low Income Housing Tax Credit) properties in their extended use period. Elevation will continue to operate both as high-quality independent senior housing and will rebrand Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.
“It has been a blockbuster year for Elevation investors, as this transaction represents the seventh and eighth community acquired this summer,” said Chris King, CEO of Elevation Financial Group. “We are excited to launch our business in the state of Illinois with two phenomenal 1990s vintage senior communities. Our business plan to rebrand, rehabilitate and reimagine these communities as top affordable senior housing in Illinois is compelling, and we look forward to serving residents in Springfield.”
Other properties in the Fund VI portfolio include multifamily apartment communities in North Carolina, Mississippi, Georgia and Alabama, as well as three 55+ independent senior communities in Alabama and Virginia. Additional Fund VII Apollo Fund properties include four multifamily communities in Louisiana.
The Apollo Fund was launched in May 2019 and to date has received subscription commitments in excess of $31 million. Those interested in learning more about the Apollo Fund can join a special Investor Luncheon Meeting on October 1st in Tampa, Florida. Current Elevation investors are encouraged to attend and invite other accredited investors who may be interested in investing. All attendees will receive updates on past Elevation funds and additional information about the exciting Apollo Fund. To RSVP or to receive more information, email Investor.Relations@elevationfinancialgroup.com.
Elevation Financial Group, a real estate private equity company, leads an award-winning group of companies whose focus and mission is to acquire, revitalize and operate affordable apartment communities for independent seniors and families. As a private equity company, Elevation raises capital through private placements to accredited investors and maintains a commitment to low or no loads on capital raised. Through a consortium of companies specializing in real estate investment, property management and property renovation, Elevation aspires to deliver superior financial returns to its shareholders while making a positive and distinctive impact on the communities. For further information visit: www.ElevationFinancialGroup.com