Posted on May 31, 2022
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.
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.