Elevation Financial Group, a senior and multifamily housing provider, announces the acquisition by Elevation Real Property Fund VIII of Terrabella Sugarloaf in Suwanee, Georgia. The asset was acquired for $8.35 million.
The property previously operated as an independent living, assisted living, and memory care facility. Elevation will reimagine the 133-unit property, originally built in 2007 and expanded in 2016, into a 144-unit senior apartment building. The capital expenditure plan includes conversion of units without kitchens into full apartments through creative unit combinations, as well as building out additional living units within the asset’s currently underutilized common areas to fully realize the property’s highest value.
The repositioning of the property as a 55+ age restricted senior apartment community will allow Elevation to meet the needs of the growing senior population of greater Atlanta by providing high quality, elegant housing for middle market seniors. The recent growth in the northern suburbs of Atlanta has led to a very strong demographic of residents, new development, and a robust outdoor and nature scene. Major employers in the area, including Microsoft, Google, and Invesco, have further strengthened the Suwanee market by bringing its median household income to $100,780 - significantly higher than Atlanta's median of $69,164.
The property will be renamed King’s Reserve Sugarloaf, joining Elevation’s flagship senior apartment brand. Because of low occupancy and unmanageable expenses, the property was financially unsustainable under its previous business model. Elevation was able to acquire the asset in the fast-growing Gwinnett County suburbs of Atlanta for $8.35M, an exceptional price compared to its last sale of $20M and the county appraised value of over $29M.
“This deal has extraordinary upside, and we are fortunate to be able to serve in this community,” said Elevation CEO Chris King. “King’s Reserve Sugarloaf will be a remarkable addition to our Fund VIII portfolio. We are particularly excited that our team was able to strike quickly and secure this acquisition at a huge discount compared to its previous transactions. A great buy in a desirable community at an exceptional price.”
“Some acquisitions are truly special by virtue of their location, price, quality, upside, and intangibles,” continued King. “This is undeniably the highest quality property Elevation has ever purchased and at a truly remarkable basis. I give tremendous credit to our outstanding investment team led by VP of Investments Alex Mertens for sourcing, negotiating, and underwriting an outstanding purchase and to our EVP and General Counsel Stuart Heaton for conceptualizing and executing on all the thorny land use issues that create instant value for our investor community. This is the first in a series of exciting 2024 transactions and I am grateful for all the contributions of our Elevation team in bringing this opportunity to fruition!”
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 the fourth purchase for Fund VIII, following the successful acquisition of King’s Reserve College Park in Indianapolis, Indiana, King’s Reserve Memphis, in Tennessee, and King’s Reserve Sanford, in Florida.
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.
Elevation Financial Group announces the acquisition of over two acres of prime Orlando commercial real estate adjacent to Park Lake, and just steps from Downtown Orlando and the Ivanhoe Village District.
The property currently consists of eight parcels of land totaling 2.12 acres of real estate and features nearly 20,000 square feet of space across multiple buildings. Elevation’s immediate plans include a renovation of the existing 10,000 square foot office building, as well as demolition of several vacant buildings on the property to make way for new construction.
Elevation Commercial Development, a best-in-class development and renovation company, will oversee the project. Matthew Downs, President of Elevation Commercial Development, said in a statement “We see an incredible opportunity to take an underutilized and distressed property and bring it back to life through strategic demolition, renovation, and ground-up construction. What now is a mashup of disconnected buildings will be transformed into a reimagined property featuring multiple new office options for Orlando businesses.”
Vice President of Investments for Elevation, Jim McDougall said, “We are excited about the opportunity to add the Park Lake office park to Elevation’s Orlando commercial real estate portfolio. We believe this is a dynamic location that rests in the natural path of growth between Orlando’s CBD and the burgeoning Ivanhoe submarket, which is experiencing a heightened activity of investment.”
This is the second major Central Florida development announced by Elevation in recent months following the company’s winning bid to build its new flagship corporate headquarters on New York Avenue in Winter Park. Elevation Commercial Development will be leading that project, as well.
In addition to these commercial developments, Elevation Financial Group is currently raising capital for its eighth private equity fund. Elevation launched Fund VIII – The Atlas Fund before an audience of several hundred investors in May. The Fund, which will deploy capital into preserving and expanding apartment housing primarily for seniors, will accept new accredited investors until November 30. Interested investors can visit ElevationAtlasFund.com for more information.
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.
Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Connemara Senior Living. Situated in Brockton, MA, just outside of Boston, the 86-unit senior property was purchased for $6.1 million. The property represents Elevation’s second acquisition in the state, following the successful purchase of a senior property in Brewster last year. It also represents Elevation’s final acquisition in Fund VII, the capital from which is now fully deployed.
The property previously operated as a mixed-use memory care, assisted living, and independent living facility. Elevation will unify the struggling property, originally built in 1990, under a single independent apartment model. Elevation’s capital improvement plan for the property includes rehabilitation of the parking garage, installation of appliances in units without full kitchens, property beautification, and renovation of the building’s common areas. The repositioning of the entire property as a combined 55+ age restricted senior apartment community will allow Elevation to meet the needs of Brockton seniors by providing high quality, elegant housing at an affordable price point. The seven-story property will also be rebranded as Serenity Towers at Brockton.
“We are excited to expand Elevation’s footprint with our second acquisition in Massachusetts,” said Chris King, CEO of Elevation. “With Serenity Towers at Brockton, we see a tremendous opportunity to not only generate return for the investors of our fully-deployed seventh fund, but to expand the stock of much-needed affordable housing for seniors, as well.”
Throughout the past 15 years, Elevation has raised and deployed over one hundred million dollars of investor capital 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 Towers at Brockton.
The latest acquisition represents the thirteenth and final 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.
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.