Elevation Acquires 496-Unit Crestwood Village East in Indianapolis

INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit.

The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana.

The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned and operated the asset for its entire existence.

The property offers 71 assisted living units and 425 independent living units. Elevation plans to convert the community to all independent living. It was 75 percent occupied at the time of sale.

Elevation will rebrand the property as Serenity Manor at Indianapolis and will execute a multi-million-dollar capital improvement and renovation plan.