Elevation Financial Group has purchased two senior properties in Springfield, Illinois for a combined $10.7 million. This acquisition brings the total number of properties purchased within the past two months to eight and represents the first purchase for Elevation in the state of Illinois.
The first property, Homestead at Montvale, is a 160-unit, 55+ senior property acquired by Elevation Real Property VII, LLC (The Apollo Fund). Located at 2801 Montaluma Drive, the property was purchased for $8.4 million or $52,500 per unit. The three-story community was built in 1999 and features an elevator, a game room, library, community rooms and additional amenities designed to serve senior residents. The second property, acquired by Elevation Real Property Fund VI, LLC, is a 60-unit, 55+ independent senior community purchased for $2.3 million or $38,333 per unit. Built in 1996, Homestead Place is located at 4305 W Washington Street.
Both properties are LIHTC (low income housing tax credit) properties in their extended use period. Elevation will continue to operate both as high-quality independent senior housing and will rebrand Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.
“It has been a blockbuster year for Elevation investors, as this transaction represents the seventh and eighth community acquired this summer,” said Chris King, CEO of Elevation Financial Group. “We are excited to launch our business in the state of Illinois with two phenomenal, 1990s vintage senior communities. Our business plan to rebrand, rehabilitate and reimagine these communities as top affordable senior housing in Illinois is compelling, and we look forward to serving residents in Springfield.”
Other properties in the Fund VI portfolio include multifamily apartment communities in North Carolina, Mississippi, Georgia and Alabama, as well as three 55+ independent senior communities in Alabama and Virginia. Additional Fund VII Apollo Fund properties include four multifamily communities in Louisiana.