Elevation Financial Group announced the acquisition by Elevation Real Property Fund VIII of Reunion Court of Kingwood in Houston, Texas. The asset was acquired for $7.25 million, or $38,000 per unit. Built in 2000, Reunion Court of Kingwood comprises 120 independent living, 42 assisted living and 28 memory care units. Elevation will repurpose the independent living building into senior apartments and the community will be rebranded as King’s Preserve at Kingwood.
The capital expenditure plan includes a new secured access and camera system, repairs to HVAC systems, sidewalk and parking lot improvements and fresh paint. The previous owner, a large private equity group, infused a considerable amount of capital into improving and maintaining the community over the past several years. Nearly $5 million was invested into the asset to upgrade unit interiors, improve the common areas and institutionally maintain the systems and mechanical components of the property prior to Elevation’s purchase.
This acquisition represents the seventh purchase for Fund VIII, following the acquisition of King’s Reserve properties in Indianapolis, Indiana, Memphis, Tennessee, Stanford, Florida, Gwinnett County, Georgia, Houston, Texas, and Sterling, Virginia. Fund VIII now has two assets in the Houston area, enabling it to drive efficiencies and operations of each asset.
