ORLANDO, FL - Elevation Financial Group, announced the acquisition of two senior properties, located in Virginia, for a purchase price of $1.3 million or $12,621/unit. Acquired by Elevation's private equity fund, Elevation Real Property Fund VI, LLC, the purchase adds 103 units to the portfolio and represents Elevation's first acquisition in the state of Virginia.
The 55+ senior properties are near fully occupied with fascinating historical significances in their respective cities. Elevation will beautifully re-brand both properties as Serenity Manor and will continue to operate them as top-notch 55+ senior affordable housing.
The first property, Tinbridge Manor, is located in Lynchburg, a historic city positioned on the banks of the James River. The property was built as Lynchburg Hospital in 1911 and was the first publicly funded and operated hospital in the city. It was established primarily to meet the health care needs of citizens who could not afford or who were not allowed to enter one of the private hospitals in the city. Now listed in the National Register of Historic Places, it is located in the beautiful Garland Hill Historic District and still boasts the original and beautiful colonial design. Keeping in line with Elevation's established Serenity brand, Tinbridge Manor will be rebranded as Serenity Manor at Hollins Mill.
The second property in the portfolio, Bolling Park, is located in Petersburg, one of Virginia's oldest cities situated 24 miles south of Richmond. Originally built in 1926 as a junior high school, the building portrays a fascinating history and a unique infrastructure. Designed by a prolific architect of educational buildings across the state, the building boasts a three-story semi- circular portico in the front and still maintains a high degree of integrity with a few minor alterations. After the school closed in the early 1970s, the building still served its purpose and housed public government offices before being transformed into affordable senior housing in 1998. Bolling Park will be rebranded as Serenity Manor at Liberty.
"Elevation is excited to serve in a new state as we announce the purchase of two incredibly unique and beautiful acquisitions in the state of Virginia. These historic communities were purchased for an amazing acquisition price and are fully occupied. Our organization looks forward to helping them reach their full potential. These are two more great deals for Elevation in the summer of 2019," said Chris King, CEO of Elevation Financial Group.
Additional properties in the Fund VI portfolio include multifamily apartment communities in North Carolina, Mississippi, Georgia and Alabama;and a 55+ independent senior community also in Alabama.