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Chicago & Midwest  + Illinois  + Senior Housing  | 

Elevation Makes Illinois Debut with Senior Housing Buys

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

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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