Author: Elevation Financial Group

Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Reunion Court of Kingwood in Houston, Texas. The asset was acquired for $7.25 million.

The property previously operated as an independent living facility with dining, transportation, and housekeeping services as well as a smaller assisted living and memory care facility. Elevation will reimagine the independent living building, which features 120 units with full kitchens and high-end finishes, into senior apartments. Nearly all 120 apartment units feature stone countertops, upgraded paint, and plank flooring. The property will be renamed King’s Preserve at Kingwood, joining Elevation’s flagship senior apartment brand.

The capital expenditure plan includes a new secured access and camera system, repairs to HVAC systems, sidewalk and parking lot improvements, and fresh paint. The previous owner infused a considerable amount of capital into improving and maintaining this community over the past 6+ years. Nearly $5 million was invested into the asset to upgrade unit interiors, improve the common areas, and institutionally maintain the systems and mechanical components of the property prior to Elevation’s purchase.

The Kingwood area, dubbed "The Livable Forest", is an affluent master-planned community in North Houston that has been continually developed into one of the most sought-after places to live in the Houston MSA over the past 50+ years. Kingwood boasts 75 miles of greenbelts and over 500 acres of nature preserves and parks allowing for many more outdoor activity amenities than much of the city. The median household income within a 10-mile radius of this property is $91,000, around 50% higher than Houston as a whole.

“This is an exceptional deal with very high potential,” said Alexander Mertens, Elevation’s Vice President of Investments. “The basis on the 120 independent units alone presents tremendous upside through the execution of our business model. The high-end finishes already present in nearly all units allows us to move even more quickly from acquisition to leasing activity, and the inclusion of a 41,000 sq. ft. memory care building will provide additional upside as we explore various opportunistic value creation strategies for that side of the campus.”

“This second Houston acquisition, purchased at a spectacular basis from one of the largest private equity groups in the world, is a major milestone for Fund VIII,” said Chris King, Elevation’s CEO. “Not only is the asset the most rent-ready we’ve ever acquired, with a remarkable level of finish and quality for the purchase price, it also presents additional upside because of its location in the area and in relation to other assets. Fund VIII now boasts two assets in the Houston area, allowing us to drive efficiencies in the operations of each asset and establishing a strong foothold in the nation’s fourth largest city. With two acquisitions in the first quarter, 2025 is already on track to outpace 2024 for Elevation and Fund VIII.”

Throughout the past 19 years, Elevation has invested hundreds of millions of dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. The latest acquisition represents the Seventh purchase for Fund VIII, following the successful acquisition of King’s Reserve properties in Indianapolis, IN, Memphis, TN, Sanford, FL, Gwinnett County, GA, Houston, TX, and Sterling, VA.

About Elevation

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 served.

Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Sommerset Retirement Community in Sterling, Virginia. The asset was acquired for $13.65 million.

The property previously operated as an independent living facility with dining, transportation, and housekeeping services. Elevation will reimagine the 102-unit property, originally opened in 1987, into senior apartments. The capital expenditure plan includes significant upgrades to units, most of which still feature original 80’s and 90’s vintage appliances, paint, cabinets and counters. In addition to the unit upgrades, the property will undergo a major refresh including paint, furniture and lighting throughout common areas as well as improved maintenance of outdoor areas. Elevation will also invest in improving major systems including security, plumbing, air conditioning and heat, bringing new life to the entire property.

This transaction is the first time the property has changed ownership since its original development, trading well below comparable assets in the area. Due to the distressed nature of the asset, this “hidden gem” was discovered by Elevation in the wealthiest county in the country, Loudoun County, Virginia, which boasts a median household income of $179,000.

The Sterling/Ashburn area of Virginia is also home to a rapidly growing tech sector which serves as the world’s largest hub of data centers, hosting over 65% of internet traffic worldwide. The repositioning of the property as a 55+ age restricted senior apartment community will allow Elevation to meet the needs of the growing senior population of the national capital region by providing high quality, elegant housing for middle market seniors. The property will be renamed King’s Reserve Sterling, joining Elevation’s flagship senior apartment brand.

“The opportunity to convert a distressed undervalued building into high-demand senior apartments in a major metropolitan area is exactly the kind of deal that we are focused on delivering for Fund VIII,” said Alexander Mertens, Elevation’s Vice President of Investments. “Sterling’s high barrier to entry and limited undeveloped land make new housing developments rare, with the last major delivery of units in this submarket taking place nearly four years ago. The strength of the submarket is among the best in the country and will create tremendous upside after the execution of our business model. We were thrilled to secure this deal and bring it to close to kick off 2025.”

“This acquisition is a huge win for Fund VIII,” said Chris King, Elevation’s CEO. “Thanks to our team’s diligence and keen eye for undiscovered value, we were able to not only win this deal at a great basis but also secure the zoning approvals and financing in record time, allowing us to close the transaction just weeks after its public financing lockout period ended. Similar vintage assets in the area frequently sell for 250k-300k per door, while Elevation was able to close this transaction at around half that per-unit price, a stellar achievement that will deliver huge value for the Fund at disposition. Simply put, this property has enormous upside for Fund VIII – a true slam dunk by our investments team.”

Throughout the past 18 years, Elevation has invested hundreds of millions of dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. The latest acquisition represents the sixth purchase for Fund VIII, following the successful acquisition of King’s Reserve properties in Indianapolis, IN, Memphis, TN, Sanford, FL, Gwinnett County, GA, and Houston, TX.

About Elevation
Elevation Financial Group, LLC, a real estate private equity company, leads an award-winning group of companies with a focus and mission 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 served.

Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Elison Park Senior Living in Houston, Texas. The asset was acquired for $18.5 million.

The property previously operated as an independent living community. Elevation will reimagine the 356-unit property, originally built in 1995, to be a thriving active adult 55+ community. The well-maintained property enables Elevation to focus on improving units and some systems while continuing to offer the top-tier amenities already in place, including six courtyards, covered parking, pool, putting green, and koi pond. The property previously operated exclusively as independent living with an active resident base and full in-unit kitchens under its former owners, allowing Elevation to seamlessly assume operations with our management partner at closing and convert the property to our new active adult model in a quicker and more efficient fashion.

The repositioning of the property as a 55+ age restricted senior apartment community will allow the property to flourish in the Houston market, where demand for active adult rentals far exceeds that of high-cost, high-care senior communities. This opportunity will allow Elevation to meet the needs of the growing senior population in the fourth largest city in the United States by providing high quality, elegant housing for middle market seniors.

The property will be renamed King’s Reserve Willowbrook, reflecting its Houston neighborhood and joining Elevation’s flagship senior apartment brand. In addition to a high population, the area benefits from a higher-than-average Area Median Income of $95,200, above the Houston average of $86,000. Because of low occupancy and costly services provided under its previous business model, the property was financially unsustainable, allowing Elevation to acquire the property at a deeply discounted rate of under $52,000 per unit.

“The good news continues for Fund VIII as Elevation once again closed on a tremendously exciting investment in America’s 4th largest city, Houston,” said Elevation CEO Chris King. “This acquisition represents an excellent basis of an institutionally owned and operated 1990’s vintage asset that was purchased at a deeply discounted price from its last trade. I am so proud of our investment team and the deal they negotiated, the financing they secured and the obstacles they overcame to bring this home. This is a large acquisition perfectly situated as a conversion to our active adult model. This is a statement deal for our investment leadership team that has delivered outstanding ingenuity and results for Fund VIII acquisitions in 2024!”

Throughout the past 18 years, Elevation has invested hundreds of millions of dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. The latest acquisition represents Elevation’s third Texas property and the fifth purchase for Fund VIII, following the successful acquisition of King’s Reserve communities in Indiana, Tennessee, Florida, and Georgia.

Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Terrabella Sugarloaf in Suwanee, Georgia. The asset was acquired for $8.35 million.

The property previously operated as an independent living, assisted living, and memory care facility. Elevation will reimagine the 133-unit property, originally built in 2007 and expanded in 2016, into a 144-unit senior apartment building. The capital expenditure plan includes conversion of units without kitchens into full apartments through creative unit combinations, as well as building out additional living units within the asset’s currently underutilized common areas to fully realize the property’s highest value.

The repositioning of the property as a 55+ age restricted senior apartment community will allow Elevation to meet the needs of the growing senior population of greater Atlanta by providing high quality, elegant housing for middle market seniors. The recent growth in the northern suburbs of Atlanta has led to a very strong demographic of residents, new development, and a robust outdoor and nature scene. Major employers in the area, including Microsoft, Google, and Invesco, have further strengthened the Suwanee market by bringing its median household income to $100,780 - significantly higher than Atlanta's median of $69,164.

The property will be renamed King’s Reserve Sugarloaf, joining Elevation’s flagship senior apartment brand. Because of low occupancy and unmanageable expenses, the property was financially unsustainable under its previous business model. Elevation was able to acquire the asset in the fast-growing Gwinnett County suburbs of Atlanta for $8.35M, an exceptional price compared to its last sale of $20M and the county appraised value of over $29M.

“This deal has extraordinary upside, and we are fortunate to be able to serve in this community,” said Elevation CEO Chris King. “King’s Reserve Sugarloaf will be a remarkable addition to our Fund VIII portfolio. We are particularly excited that our team was able to strike quickly and secure this acquisition at a huge discount compared to its previous transactions. A great buy in a desirable community at an exceptional price.”

“Some acquisitions are truly special by virtue of their location, price, quality, upside, and intangibles,” continued King. “This is undeniably the highest quality property Elevation has ever purchased and at a truly remarkable basis. I give tremendous credit to our outstanding investment team led by VP of Investments Alex Mertens for sourcing, negotiating, and underwriting an outstanding purchase and to our EVP and General Counsel Stuart Heaton for conceptualizing and executing on all the thorny land use issues that create instant value for our investor community. This is the first in a series of exciting 2024 transactions and I am grateful for all the contributions of our Elevation team in bringing this opportunity to fruition!”

Throughout the past 18 years, Elevation has invested hundreds of millions of dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. The latest acquisition represents the fourth purchase for Fund VIII, following the successful acquisition of King’s Reserve College Park in Indianapolis, Indiana, King’s Reserve Memphis, in Tennessee, and King’s Reserve Sanford, in Florida.

About Elevation

Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VIII of Discovery Commons College Park. Situated in the College Park area of Indianapolis, the property enjoys close proximity to the highly desirable suburb of Carmel. The 147-unit senior property was purchased for $8.4 million. The property is Elevation’s second in the Indianapolis area, after the successful Fund VII purchase of the 496-unit Serenity Manor at Indianapolis in 2019.

The property previously operated as an independent living, assisted living, and memory care facility. Elevation will reimagine the struggling property, originally built in 1985, as a fully independent age restricted apartment community. Elevation’s capital improvement plan for the property includes completely re-envisioning the Assisted Living and Memory Care units into full apartments with kitchens. Additional capital improvement will include renovating and upgrading units with new appliances, flooring, and lighting, bringing an elegant, consistent experience for every resident, as well as a renovation of common spaces and corridors.

The repositioning of the entire property as a combined 55+ age restricted senior apartment community will allow Elevation to meet the needs of Indiana seniors by providing high quality, elegant housing at an affordable price point. The property will also be rebranded as King’s Reserve College Park, the first property to carry Elevation’s new King’s Reserve name, a completely redesigned senior living brand developed to deliver an upgraded living experience without sacrificing affordability.

“We are thrilled to continue expanding Elevation’s footprint into major metropolitan areas like Indianapolis,” said Chris King, CEO of Elevation. “With King’s Reserve College Park, we will completely redefine apartment living for moderate- and low-income seniors. Our team has worked for months to develop this exciting new living experience, and we are ready to hit the ground running on day one to efficiently complete our capital improvement plan and officially bring the King’s Reserve experience to life.”

Throughout the past 16 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage King’s Reserve College Park.

The property represents the first acquisition by Fund VIII – The Altas Fund, launched in May 2022. The Fund, which will accept capital commitments until November 30, is expected to be Elevation’s largest Fund in the company’s 16-year history.

About Elevation

Elevation Financial Group announces the acquisition of over two acres of prime Orlando commercial real estate adjacent to Park Lake, and just steps from Downtown Orlando and the Ivanhoe Village District.

The property currently consists of eight parcels of land totaling 2.12 acres of real estate and features nearly 20,000 square feet of space across multiple buildings. Elevation’s immediate plans include a renovation of the existing 10,000 square foot office building, as well as demolition of several vacant buildings on the property to make way for new construction.

Elevation Commercial Development, a best-in-class development and renovation company, will oversee the project. Matthew Downs, President of Elevation Commercial Development, said in a statement “We see an incredible opportunity to take an underutilized and distressed property and bring it back to life through strategic demolition, renovation, and ground-up construction. What now is a mashup of disconnected buildings will be transformed into a reimagined property featuring multiple new office options for Orlando businesses.”

Vice President of Investments for Elevation, Jim McDougall said, “We are excited about the opportunity to add the Park Lake office park to Elevation’s Orlando commercial real estate portfolio. We believe this is a dynamic location that rests in the natural path of growth between Orlando’s CBD and the burgeoning Ivanhoe submarket, which is experiencing a heightened activity of investment.”

This is the second major Central Florida development announced by Elevation in recent months following the company’s winning bid to build its new flagship corporate headquarters on New York Avenue in Winter Park. Elevation Commercial Development will be leading that project, as well.

In addition to these commercial developments, Elevation Financial Group is currently raising capital for its eighth private equity fund. Elevation launched Fund VIII – The Atlas Fund before an audience of several hundred investors in May. The Fund, which will deploy capital into preserving and expanding apartment housing primarily for seniors, will accept new accredited investors until November 30. Interested investors can visit ElevationAtlasFund.com for more information.

About Elevation

Elevation Financial Group, LLC, a real estate private equity company, leads an award-winning group of companies with a focus and mission 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 served.

Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Connemara Senior Living. Situated in Brockton, MA, just outside of Boston, the 86-unit senior property was purchased for $6.1 million. The property represents Elevation’s second acquisition in the state, following the successful purchase of a senior property in Brewster last year. It also represents Elevation’s final acquisition in Fund VII, the capital from which is now fully deployed.

The property previously operated as a mixed-use memory care, assisted living, and independent living facility. Elevation will unify the struggling property, originally built in 1990, under a single independent apartment model. Elevation’s capital improvement plan for the property includes rehabilitation of the parking garage, installation of appliances in units without full kitchens, property beautification, and renovation of the building’s common areas. The repositioning of the entire property as a combined 55+ age restricted senior apartment community will allow Elevation to meet the needs of Brockton seniors by providing high quality, elegant housing at an affordable price point. The seven-story property will also be rebranded as Serenity Towers at Brockton.

“We are excited to expand Elevation’s footprint with our second acquisition in Massachusetts,” said Chris King, CEO of Elevation. “With Serenity Towers at Brockton, we see a tremendous opportunity to not only generate return for the investors of our fully-deployed seventh fund, but to expand the stock of much-needed affordable housing for seniors, as well.”

Throughout the past 15 years, Elevation has raised and deployed over one hundred million dollars of investor capital into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity Towers at Brockton.

The latest acquisition represents the thirteenth and final purchase for Fund VII. Additional properties in the Fund VII portfolio include four multifamily properties in Louisiana and senior properties in Illinois, Indiana, Tennessee, Texas, and Massachusetts.

About Elevation

Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Easley Place, an assisted living community. Situated in Easley, South Carolina, the property benefits from close proximity to Greenville, one of the fastest economic and population growth centers in the nation. The 223-unit property was purchased for $7.2 million. The property represents Fund VII’s second acquisition in the state, following the purchase of Serenity at West Columbia earlier this year.

The property previously struggled with sustainability under multiple operational models, including simultaneous independent, assisted living, and skilled nursing options. To meet the property’s full potential and the growing housing needs for active seniors, Elevation will operate the property under a single, apartment-style model. Elevation’s capital improvement plan for the property includes combining former skilled nursing and assisted living units into apartments, the installation of kitchens in all units, and an elegant refresh of the property common spaces and current independent apartment units.

The repositioning of the entire property as a combined 55+ age restricted senior apartment community will allow Elevation to meet the needs of Easley seniors by providing high quality, elegant housing at an affordable price point. The property will also be rebranded as Serenity at Easley.

“We are thrilled to continue expanding Elevation’s footprint into exciting new communities like Easley,” said Chris King, CEO of Elevation. “We’ve operated in South Carolina before, and we look forward to building on our earlier successes with this latest acquisition. With Serenity at Easley, we see a tremendous opportunity to not only generate return for our investors, but also preserve much-needed affordable housing stock for seniors in South Carolina, just as we have always done across Elevation’s senior portfolio.”

Throughout the past 15 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at Easley.

The latest acquisition represents the 12th purchase for Fund VII. Additional properties in the Fund VII portfolio include four multifamily properties in Louisiana and senior properties in Illinois, Indiana, Tennessee, Texas, South Carolina, and Massachusetts.

About Elevation

Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Waldenbrooke Estates Senior Retirement Living and Waldenbrooke Court Senior Apartments. Situated in Bryan, Texas, just miles from Texas A&M University, the combined 180-unit senior property was purchased for $12.2 million. The property represents Elevation’s second acquisition in the state, following the successful purchase of a senior property in Dallas earlier this year.

The property previously operated as two separate communities, an independent living facility and a senior apartment complex without access to building common areas or property amenities. Elevation will return the struggling property, originally built in 1984, to a single 180-unit apartment community. Elevation’s capital improvement plan for the property includes renovating and upgrading every unit with new appliances and windows, bringing a highly desirable uniform experience for every resident. The repositioning of the entire property as a combined 55+ age restricted senior apartment community will allow Elevation to meet the needs of Bryan seniors by providing high quality, elegant housing at an affordable price point. The property will also be rebranded as Serenity at Briarcrest.

“We are thrilled to continue expanding Elevation’s footprint into exciting new communities like Bryan,” said Chris King, CEO of Elevation. “With Serenity at Briarcrest, we see a tremendous opportunity to not only generate return for our investors, but also preserve much-needed affordable housing stock for seniors in Bryan, just as we have done across Elevation’s senior portfolio.”

Throughout the past 15 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at Briarcrest.

The latest acquisition represents the eleventh purchase for Fund VII. Additional properties in the Fund VII portfolio include four multifamily properties in Louisiana and senior properties in Illinois, Indiana, Tennessee, Texas, and Massachusetts.

About Elevation

Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Carolina Gardens Senior Living at West Columbia. Situated just miles from the bustling state capital of Columbia, the senior property was purchased for $4.75 million. The property represents Elevation’s return to South Carolina after the successful acquisition, management, and disposition of previous properties in Funds IV and V.

Construction of the senior property was initially completed in 1990, with an additional phase completed in 1997. The community, now vacant, operated previously as an independent and assisted living facility. Elevation will renovate and upgrade the community, including the installation of kitchens in the former assisted living units, bringing the property back to life as an affordable 55+ senior apartment community. The repositioning will allow Elevation to meet the needs of West Columbia seniors by providing high quality, elegant housing at an affordable price point. The property, expected to finish renovation and open for leasing in early 2022, will be rebranded as Serenity at West Columbia.

“We’ve seen in previous funds how acute the need for affordable housing is in South Carolina,” said Chris King, CEO of Elevation. “Bringing a vacant community like this back to life will not only deliver value for our investors but also achieve our mission to provide the housing options seniors in West Columbia need now more than ever. We’re thrilled to be back, and we look forward to repeating our previous successes in the Palmetto State.”

Throughout the past 15 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at West Columbia.

The latest acquisition represents the tenth purchase for Fund VII. Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana, a 496-unit senior community in Indiana, a 155-unit senior community in Tennessee, a senior community in Texas, and a senior community under development in Massachusetts.

About Elevation