Source: Elevation Financial Group
DALLAS, TX - Elevation Financial Group, a senior and multifamily affordable housing provider, announces the acquisition by Elevation Real Property Fund VII of Lakeland Hills Senior Living. Ideally situated in the lake and garden district of east Dallas, Texas, the senior property was purchased for $8.45 million. The property represents Elevation's first acquisition in the state of Texas.
Initial operation of the 170-unit senior property began in 1987, with an additional phase completed in 1996. The community previously operated as an independent and assisted living facility. Elevation will bring the property back to life and transition it to an affordable 55+ senior apartment community. The repositioning will allow Elevation to meet the needs of Dallas seniors by providing quality but elegant housing at an affordable price point. The property will be rebranded as Serenity at Dallas.
"As a large and fast-growing metropolitan area, the need for affordable housing in Dallas is greater than ever," said Chris King, CEO of Elevation. "Revitalizing and stabilizing a community like this presents an outstanding opportunity for Elevation to bring value to our investors and deliver quality, affordable housing for seniors in Dallas."
Throughout the past 15 years, Elevation has invested over one hundred million dollars into improving and preserving affordable housing communities throughout the United States, including thousands of apartment homes for seniors. As with all Elevation properties, the rental rates will remain affordable while a higher level of quality from on-site management will be delivered. Elevation Property Management, a best-in-class company overseeing senior and multifamily communities, will manage Serenity at Dallas.
The latest acquisition represents the ninth purchase for Fund VII. Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana, a 496-unit senior community in Indiana, a 155-unit senior community in Tennessee, and a senior community under development in Brewster, Massachusetts.