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, 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.