Elevation Financial Group Buys Two Affordable Communities in Illinois for $10.7M

SPRINGFIELD, Ill. — Elevation Financial Group has acquired two affordable seniors housing communities in Springfield, located between Chicago and St. Louis, for a total price of $10.7 million.

The first property, Homestead at Montvale, is a 160-unit community. Elevation purchased the property through its Elevation Real Property VII fund for $8.4 million. The three-story community was built in 1999.

The second property is Homestead Place, a 60-unit community built in 1996. Elevation purchased the property through its Elevation Real Property Fund VI fund for $2.3 million.

Both properties are Low Income Housing Tax Credit properties in their extended use period. Elevation will continue to operate both, rebranding Homestead Place as Serenity Manor at Spring Creek and Homestead at Montvale as Serenity Manor at Springfield.