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.

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.