Elevation Financial Group buys Grove Park Manor

BUYER: Serenity Apartments at Royalty Court LLC (Elevation Financial Group LLC), Orlando

SELLER: Grove Park Manor Ltd.

PROPERTY: 3606 Royalty Court, Tampa

PRICE: $3.35 million

PREVIOUS PRICE: $96,500, January 1972

LAW FIRM ON DEED: Royal American Development, Panama City

PLANS, DESCRIPTION: Orlando-based Elevation Financial Group LLC purchased the 150-unit Grove Park Manor Apartments for $3.4 million.

The price equated to $22,333 per unit.

Elevation Financial plans to renovate the 147,000-square-foot garden-style apartment complex and rebrand it as Serenity Apartments at Royalty Court. The HUD-subsidized complex was 99% occupied at the time of the sale.

“We saw this as a real opportunity to expand our presence in the St. Pete-Tampa area,” says Dean Bruner, chief financial officer for Elevation Financial Group. “We like to own and manage senior independent-living HUD facilities. We saw it as a well-run property in a good location and in need of very little work.”

Services Taylor-Made LLC, the property management company of Elevation Financial Group, will manage the Serenity Apartments. Elevation Financial Group is a consortium of real estate companies that buys, manages and renovates independent senior living facilities and garden apartment complexes. It owns and operates two senior towers in Florida: The Hillcrest Hampton House in Orlando and The Serenity Towers at Boca Ciega Bay in St. Petersburg.

Elevation Financial Group's purchase entity Serenity Apartments at Royalty Court LLC mortgaged the property to Greystone Servicing Corp. Inc. for $2.38 million.