Posted on December 4, 2020
Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Wingate Residences at Brewster Place. Ideally situated on the Cape Cod Bay in Brewster, Massachusetts, the senior property was purchased for $4 million.
Initial construction of the 121,000 square foot property began in 1973, with an additional phase completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation will bring the vacant property back to life and transition it to an affordable 55+ independent senior living community. The repositioning will allow Elevation to serve more seniors in the Brewster community while providing quality but elegant housing at an affordable price point. The property will be rebranded as Serenity Apartments® at Brewster.
“The need for quality affordable housing throughout our nation is greater than ever. We could not be more excited to create beautiful new apartment homes for the senior residents of Brewster while also partnering with this wonderful community,” said Chris King, CEO of Elevation. “The mission of creating affordable housing for seniors is embedded deep in our DNA. By bringing an outstanding Brewster property back to life through Elevation’s commitment to safe, clean, and affordable housing, everyone wins. We have chosen a perfect location for our first Massachusetts property and are looking forward to delivering an outstanding senior community that everyone can be proud of.”
Through fulfilling the vision for the property, Elevation is committed to partnering with the Brewster community to help achieve the town’s own vision of expanding affordable housing in the area. The company is highly dedicated and values its relationship with the entire community and is grateful to the many volunteers and leaders of the town, including the Brewster Housing Partnership and Brewster Affordable Housing Trust, both of which have been invaluable partners throughout the acquisition process. From vast experience, Elevation understands that community doesn’t exist in just one building, and a good company recognizes that becoming an active and involved member of the civic life of the town is a great benefit to everyone.
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. Most recently, the company completed renovation on a 496-unit property in Indianapolis, Indiana, and two senior communities in Springfield, Illinois. As with all Elevation properties, the rental rates remained affordable while a higher level of quality and service from on-site management was delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities in ten states will manage Serenity Apartments at Brewster.
The latest Massachusetts acquisition represents the eighth purchase for Fund VII. Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana, a 496-unit senior community in Indiana, and a 155-unit senior community in Memphis, Tennessee.
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.