Source: Elevation Financial Group
ORLANDO, FL - Elevation Financial Group announced the acquisition by Elevation Real Property Fund VII of Crestwood Village East for a purchase price of $20 million or $40,300 per unit. The transaction represents Elevation's first purchase in the state of Indiana. It is also the largest acquisition to date in terms of both unit count and price.
The 496-unit 55+ senior property sits on over 20 acres and is located five miles from downtown Indianapolis. The unit types consist of a mix including a studio floorplan as well as one and two bedrooms ranging from 430 to 1,130 square feet. Situated in an ideal area near a revitalized historic district, the location offers residents easy access to restaurants, shops and healthcare facilities. The property is also well equipped with numerous amenities including two fitness centers, multiple resident lounge areas, on-site resident service coordinators and a large multi-purpose ballroom.
The property was built in 1966 by the Justus Company, a well-established home builder in the area. Crestwood Village East was originally developed as part of a larger community with a mission to provide quality housing and an affordable lifestyle for residents. The community continued to operate as an affordable senior property by the same company for over 50 years. Elevation was chosen as the buyer due to its experience and success with many senior communities and will continue to operate the property as affordable housing.
"This acquisition represents nearly a year of work and very large addition for Fund VII as Elevation identified, negotiated and financed its largest acquisition transaction in the history of the company," said Chris King, CEO of Elevation. "Crestwood Village East is a great senior community that has been owned and operated by one family. 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."
At over 75 percent occupied, the property is currently comprised of 71 assisted living units and 425 independent living units. Due to lower occupancy in the assisted living portion, Elevation will convert all assisted living units to independent living units. This will decrease operational expenses and offer a greater number of highly desired affordable independent living homes to seniors in the area. In addition, Elevation will rebrand the property as Serenity Manor at Indianapolis and will execute a multi-million-dollar capital improvement and renovation plan.
The acquisition represents the sixth purchase for Fund VII, The Apollo Fund since its launch in May 2019. Additional properties in the fund include a senior property in Illinois and four multifamily properties in Louisiana.