Elevation Financial Group, a senior and multifamily affordable housing provider based in Orlando, Fla., announces the acquisition by Elevation Real Property Fund VII of Wingate Residences at Brewster Place. The senior livig facility property was purchased for $4 million.
Initial construction of the 121,000 square foot property began in 1973, with an additional phase completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation plans to transition the property to an affordable 55+ independent senior living community. The property will be rebranded as Serenity Apartments® at Brewster.
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. Most recently, the company completed renovation on a 496-unit property in Indianapolis, Indiana, and two senior communities in Springfield, Illinois.
The latest Massachusetts acquisition represents the eighth 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, and a 155-unit senior community in Memphis, Tenn.