Elevation Real Property Fund VII’s purchase of a 496-unit affordable senior living community in Indiana for $20 million marks the largest property acquisition in company history — in both unit count and price — and the company’s first purchase in the Hoosier State, Elevation Financial Group announced Monday.
The 54-year-old community, located five miles from downtown Indianapolis, currently is named Crestwood Village East, but Elevation expects to rebrand it as Serenity Manor at Indianapolis and undertake a multi-million-dollar capital improvement and renovation plan.
The acquisition represents almost a year of work involving identifying, negotiating and financing, Elevation CEO Chris King said. “Crestwood Village East is a great senior community that has been owned and operated by one family,” he said. “Elevation has a dynamic vision to revitalize its physical infrastructure and bring a new spirit of excellence and elegance as it transforms into Serenity Manor at Indianapolis.”
The property, with an occupancy rate of more than 75%, according to Elevation, has 71 assisted living units and 425 independent living units. Because of lower occupancy in the assisted living portion of the community, however, Elevation said it plans to convert all of the assisted living units to independent living units, to decrease operational expenses and meet demand.
The acquisition represents the sixth purchase for Fund VII, The Apollo Fund since its launch in May. Additional properties in the fund include a senior living property in Illinois and four multifamily properties in Louisiana.