Crestwood Village East in Indianapolis has found a buyer. The senior community is being sold for $20 million to Orlando-based Elevation Financial Group and represents the Florida firm’s largest acquisition to date and first purchase in Indiana.
The 496-unit building occupies 20 acres and features two fitness centers, multiple resident lounge areas, on-site resident service coordinators and a large multi-purpose ballroom. The 55+ senior community is currently more than 75% occupied with 71 assisted living units and 425 independent living units.
Elevation says it plans to rebrand the property as Serenity Manor at Indianapolis and says a multi-million-dollar capital improvement and renovation plan is in the works.
Plans call for all assisted living units will be converted to independent living units, as the assisted living units have a lower occupancy. Elevate says the move will lower operational expenses.
“This acquisition represents nearly a year of work and very large addition for Fund VII as Elevation identified, negotiated and financed its largest acquisition transaction in the history of the company,” said Chris King, chief executive officer of Elevation. “Crestwood Village East is a great senior community that has been owned and operated by one family. Elevation has a dynamic vision to revitalize its physical infrastructure and bring a new spirit of excellence and elegance as it transforms into Serenity Manor at Indianapolis.”
Crestwood Village East was previously owned by Indianapolis-based Justus Rental Properties Inc., which announced plans to sell the facility in August.