Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Presidential Place in Hollywood, FL.

The property previously operated as an assisted living and memory care facility with medical staff, dining, transportation, and housekeeping services. Elevation will reimagine the building into 104 active adult apartments. The property will be renamed King’s Reserve Hollywood, joining Elevation’s flagship senior apartment brand.

As part of the acquisition process, Elevation developed and executed a robust plan to achieve major zoning and land use approvals, including nine separate land use variances and approval from both the city and county to operate the property at greater than three times the density allowed by code. These extraordinary approvals speak not only to the abilities of Elevation’s team but also the national reputation for excellence in performance developed over two decades of work.

The capital expenditure plan for the asset includes installing full kitchens in each unit, new secured access system, additional parking, refreshed commons areas and grounds, and many more design touches to update the look and feel of the community.

Thanks to its institutional history, the property received a considerable amount of capital into improvements in recent years. In addition to well-maintained systems, the building’s concrete construction and clay tile roof contribute to the exceptional condition of the property.

Hollywood, Florida is a city in Broward County, part of the Miami-Fort Lauderdale- West Palm Beach MSA. The property enjoys close access to hospitals, airports, public transportation and beaches, as well as a high percentage of residents aged 55+ (half of MSA population), creating a unique opportunity for value investing in the senior housing space.

“King’s Reserve Hollywood has all the makings of a standout property for Fund VIII and Elevation as a whole,” said Elevation CEO Chris King. “The superb basis, institutional ownership history, and huge potential for economic growth check every box we look for in a potential asset. The land use approvals represent an immediate value creation on our first day of ownership. We are thrilled to add another stellar Florida asset to the portfolio, in one of the largest and most dense senior populations in the country.”

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 Eighth 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 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.