Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Reunion Court of Kingwood in Houston, Texas. The asset was acquired for $7.25 million.

The property previously operated as an independent living facility with dining, transportation, and housekeeping services as well as a smaller assisted living and memory care facility. Elevation will reimagine the independent living building, which features 120 units with full kitchens and high-end finishes, into senior apartments. Nearly all 120 apartment units feature stone countertops, upgraded paint, and plank flooring. The property will be renamed King’s Preserve at Kingwood, joining Elevation’s flagship senior apartment brand.

The capital expenditure plan includes a new secured access and camera system, repairs to HVAC systems, sidewalk and parking lot improvements, and fresh paint. The previous owner infused a considerable amount of capital into improving and maintaining this community over the past 6+ years. Nearly $5 million was invested into the asset to upgrade unit interiors, improve the common areas, and institutionally maintain the systems and mechanical components of the property prior to Elevation’s purchase.

The Kingwood area, dubbed "The Livable Forest", is an affluent master-planned community in North Houston that has been continually developed into one of the most sought-after places to live in the Houston MSA over the past 50+ years. Kingwood boasts 75 miles of greenbelts and over 500 acres of nature preserves and parks allowing for many more outdoor activity amenities than much of the city. The median household income within a 10-mile radius of this property is $91,000, around 50% higher than Houston as a whole.  

“This is an exceptional deal with very high potential,” said Alexander Mertens, Elevation’s Vice President of Investments. “The basis on the 120 independent units alone presents tremendous upside through the execution of our business model. The high-end finishes already present in nearly all units allows us to move even more quickly from acquisition to leasing activity, and the inclusion of a 41,000 sq. ft. memory care building will provide additional upside as we explore various opportunistic value creation strategies for that side of the campus.”

“This second Houston acquisition, purchased at a spectacular basis from one of the largest private equity groups in the world, is a major milestone for Fund VIII,” said Chris King, Elevation’s CEO. “Not only is the asset the most rent-ready we’ve ever acquired, with a remarkable level of finish and quality for the purchase price, it also presents additional upside because of its location in the area and in relation to other assets. Fund VIII now boasts two assets in the Houston area, allowing us to drive efficiencies in the operations of each asset and establishing a strong foothold in the nation’s fourth largest city. With two acquisitions in the first quarter, 2025 is already on track to outpace 2024 for Elevation and Fund VIII.”

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 Seventh 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.