Posted on May 11, 2022
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.
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.