Elevation Financial Group has acquired its first two properties in Illinois, Homestead at Montvale and Homestead Place. The company, based out of Orlando, Florida, owns and manages seven senior living complexes nationwide and provides management services for an additional three senior properties, according to Jennifer Morrill, vice president of senior portfolio and operations. In addition, the company owns conventional properties in Florida, Georgia, Alabama, Louisiana and Virginia.
“We’re going to rebrand both communities,” said Morrill, noting that Homestead at Montvale, 2801 Montaluma Dr., will become known as Serenity Manor at Springfield while Homestead Place, 4305 W. Washington, will be called Serenity Manor at Spring Creek. Elevation Financial Group acquired the 160 unit Homestead at Montvale for $8.4 million and an additional 60 units at Homestead Place for $2.3 million. Both properties are Low Income Housing Tax Credit (LIHTC) properties tailored for independent senior living.
“We’re definitely looking to improve both communities. We’re going to infuse capital into the properties to bring back units that have been down for some time and get them ready to lease,” said Morrill. “We’ll also go into the community spaces, which are quite tired and outdated. We want to improve and make it more welcoming to have a better space for the residents to gather.”
“We’re very excited about breaking into the Illinois market and to continue our mission of preserving affordable housing for seniors and families,” said Morrill.