Elevation Enters Indiana Senior Housing Market

The private equity investment company paid $20 million for a 496-unit affordable senior community in Indianapolis, its largest transaction to date.
Crestwood Village East
Crestwood Village East. Image courtesy of Elevation Financial Group

The Justus Cos. has sold Crestwood Village East, a 496-unit affordable senior community catering to adults age 55 and over in Indianapolis. Elevation Financial Group purchased the asset for $20 million through its Elevation Real Property Fund VII. The transaction marks Elevation’s first Indiana acquisition and its largest to date in terms of both unit count and price. The new owner will rebrand the property as Serenity Manor at Indianapolis.

Situated at 1123 N. Edmondson Ave. on more than 20 acres, the property was originally developed by Justus in 1966 as part of Crestwood Village senior communities. The unit mix consists of studios, one- and two-bedroom floorplans ranging from 430 to 1,130 square feet. Amenities include two fitness centers, multiple resident lounge areas and a multipurpose ballroom. The community was more than 75 percent occupied at the time of sale.

Crestwood Village East currently encompasses 71 assisted living units and 425 independent living units, but will soon become an exclusively independent living community. Elevation intends to convert the assisted living units, due to low occupancy, and implement a multimillion-dollar capital improvement and renovation plan at the property. Revitalization of older properties is part of the company’s investment strategy.

The senior community is nearly 7 miles east of downtown Indianapolis and 2 miles from the Irvington historic district. There are many shops and restaurants within a 2-mile radius and the closest medical center is 1.2 miles north.