September 19, 2019, Ben Swett, SeniorCare Investor - Elevation Financial Group is making a name for itself in the affordable seniors housing market, having just announced two acquisitions comprising four properties in two states. First, the Orlando, Florida-based real estate private equity firm entered the Virginia market, acquiring a community in Lynchburg and one in Petersburg for a total of $1.3 million, or just $12,600 per unit.
The 56-unit community in Lynchburg was originally a hospital built in 1911 but converted to senior apartments in 1973 and was renovated in 2002. The Petersburg location has 47 units and was originally built in 1918 as a junior high school. It was converted to its current purpose in 2000. The seller, Omni New York LLC, acquired both properties in February 2015. Elevation will rebrand the communities under the Serenity Manor brand.
Then, Elevation entered Illinois with its acquisition of two affordable senior apartment buildings in Springfield. Both communities were built in the mid- to late-1990s and feature a total of 220 units. They will also join the Serenity Manor brand. Elevation paid $10.7 million, or $48,600 per unit.