Elevation Financial Acquires Two Communities in Virginia for $1.3M

LYNCHBURG and PETERSBURG, Va. — Elevation Financial Group has acquired two seniors housing communities totaling 103 units in Virginia for $1.3 million, or $12,621 per unit.

Elevation’s private equity fund, Elevation Real Property Fund VI, made the purchase. The two communities are Tinbridge Manor in Lynchburg, which will be rebranded as Serenity Manor at Hollins Mill, and Bolling Park in Petersburg, which will be rebranded as Serenity Manor at Liberty.

Tinbridge Manorwas built as Lynchburg Hospital in 1911 and was the first publicly funded and operated hospital in the city. Now listed in the National Register of Historic Places, it is located in the Garland Hill Historic District and still boasts the original colonial design.

Bolling Park, located in the suburbs of Richmond, was originally built in 1926 as a junior high school. The building boasts a three-story, semi-circular portico in the front. After the school closed in the early 1970s, the building housed public government offices before being transformed into affordable seniors housing in 1998.