Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services. Prior to the pandemic, it had operated relatively well, but census tumbled throughout the last couple of years.
Built in 1990 in Brockton’s Campello neighborhood, it was named after the previous owner John Burke’s grandparents. Mr. Burke had over 25 years of skilled nursing management experience and had co-founded Roscommon Healthcare, a skilled nursing provider in Boston. Looking to retire from the industry, he engaged Ryan Kelly, Steve Thomes and Connor Doherty of Blueprint Healthcare Real Estate Advisors to sell the community.
Elevation Financial Group plans to invest in capex to renovate the campus and convert it to a more affordable 55+ community. It has some recent experience in that, having acquired a CCRC last month in Easley, South Carolina for $7.2 million, or $32,400 per unit, with the intention of also converting it to middle market senior apartments. Blueprint also handled that deal.
Built in 1985, the 222-unit CCRC was formerly operated by Brookdale Senior Living before selling to Frontline Management and Onelife Investments in 2019. However, Frontline/Onelife’s turnaround plan was negatively impacted by COVID with operations experiencing a 30% reduction in occupancy which was further compounded by the labor shortage in the market. That’s where Elevation comes in with its repurposing plan. This will be the firm’s 20th owned property.
