DALLAS, TX – Elevation Financial Group, a leading provider of affordable apartment buildings, announces the acquisition of Lakeland Hills Senior Living by Elevation Real Property Fund VII. Ideally located in the Lake and Garden District of East Dallas, Texas, the senior property was purchased for $ 8.45 million. The property is Elevation's first acquisition in the state of Texas.
The first operation of the retirement home with 170 residential units began in 1987, a further phase was completed in 1996. The community previously operated as an independent and assisted living facility. The survey will bring the property back to life and convert it into an affordable senior living community of 55+ seniors. The repositioning allows Elevation to meet the needs of senior citizens in Dallas by offering high quality yet elegant living at an affordable price. The Dallas property is renamed Serenity.
"As a large and rapidly growing metropolitan area, the need for affordable housing in Dallas is greater than ever," said Chris King, CEO of Elevation. "Revitalizing and stabilizing such a community provides Elevation with an excellent opportunity to add value to our investors and provide high quality, affordable housing to senior citizens in Dallas."
Over the past 15 years, Elevation has invested over a hundred million dollars improving and maintaining affordable residential communities in the United States, including thousands of senior homes. As with all Elevation properties, rental prices remain affordable, while a higher level of quality is achieved through on-site management. Elevation Property Management, a premier senior and multi-family community oversight company, will manage Serenity in Dallas.
The final acquisition is the ninth purchase for Fund VII. Other properties in Fund VII's portfolio include a senior property in Illinois, four apartment buildings in Louisiana, a senior community of 496 units in Indiana, a senior community of 155 units in Tennessee, and one under development Senior Community located in Brewster, Massachusetts.
Source: Elevation Financial Group