January 15, 2020
Elevation Financial Group acquired Crestwood Village East in Indianapolis for a price of $20 million or $40,300 per unit. The 496-unit, 55+ senior property represents Orlando-based Elevation’s first purchase in Indiana and is also its largest acquisition to date by unit count and price.
“Crestwood Village East is a great senior community that has been owned and operated by one family since its opening in 1966,” said Elevation CEO Chris King. “Elevation has a dynamic vision to revitalize its physical infrastructure and bring a new spirit of excellence and elegance.”
At over 75% 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.
Additionally, Elevation will rebrand the property as Serenity Manor at Indianapolis, and will execute a multimillion-dollar capital improvement and renovation plan.
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