Elevation Purchases Second Senior Property in Texas
Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Waldenbrooke Estates Senior Retirement Living and Waldenbrooke Court Senior Apartments. Situated in Bryan, Texas, just miles from Texas A&M University, the combined 180-unit senior property was purchased for $12.2 million. The property represents Elevation’s second acquisition in the state, following the successful purchase of a senior property in Dallas earlier this year.
The property previously operated as two separate communities, an independent living facility and a senior apartment complex without access to building common areas or property amenities. Elevation will return the struggling property, originally built in 1984, to a single 180-unit apartment community. Elevation’s capital improvement plan for the property includes renovating and upgrading every unit with new appliances and windows, bringing a highly desirable uniform experience for every resident. The repositioning of the entire property as a combined 55+ age restricted senior apartment community will allow Elevation to meet the needs of Bryan seniors by providing high quality, elegant housing at an affordable price point. The property will also be rebranded as Serenity at Briarcrest.
“We are thrilled to continue expanding Elevation’s footprint into exciting new communities like Bryan,” said Chris King, CEO of Elevation. “With Serenity at Briarcrest, we see a tremendous opportunity to not only generate return for our investors, but also preserve much-needed affordable housing stock for seniors in Bryan, just as we have 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 Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at Briarcrest.
The latest acquisition represents the eleventh 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.