September 17, 2019
Elevation Financial Group has made its Illinois market debut, acquiring two Springfield-area senior housing properties for a total of $10.7 million. Both properties are LIHTC (Low Income Housing Tax Credit) properties in their extended use period.
The first property, Homestead at Montvale, is a 160-unit 55+ senior property acquired by Elevation Real Property VII. The second, Homestead Place, acquired by Elevation Real Property Fund VI, is a 60-unit 55+ independent senior community.
Elevation 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 communities acquired this summer,” said Elevation CEO Chris King. “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.”
For comments, questions or concerns, please contact Paul Bubny