SEATTLE, WA – Phoenix Realty Group (PRG), a national multifamily real estate fund manager, investor, and operator, and joint venture partner Hanover Real Estate Investors (HREI), bought two multifamily apartment communities in Kent, Washington, called Lake Meridian and Royal Firs through an affiliated entity, at a combined buy price of $79 million. Located in the Seattle metro area, the two properties were owned by the same individual and were bought as a portfolio. PRG will operate the rental communities and plans to renovate, upgrade, and modernize the properties to offer an attractive option for tenants in the area.
Seattle is an vital target market for growth for PRG, said Keith Rosenthal, PRG s president and co-founder. Given the strength of the local economy, wide-ranging outdoor activities and the presence of employers such as Boeing, Amazon and Microsoft, it is a compelling region for renters of all ages. We expect to buy additional properties in the Seattle market over time.
Totaling a combined 361 units, both communities offer amenities which include a leasing center, fitness center, pool, tot lot and covered parking. In addition to seeking to generate a rental premium by renovating units and common areas, the venture believes there is substantial upside in operational efficiencies. The properties will be rebranded under PRG s proprietary brand, Alvista Communities®, with Lake Meridian being renamed Alvista Lake Meridian and Royal Firs being renamed Alvista 240.
Located approximately 30 minutes from downtown Seattle, Kent has a population of more than 125,000 people and upwards of 60,000 employers. Both communities are accessible to highways, acting as a commuter suburb to the Sound Region s largest employers, like Boeing in Renton, and tech hubs in downtown Seattle and Bellevue, all approximately 20 miles from the properties.
The strong population growth of the Seattle market coupled with limited supply in the Kent submarket solidified our choice to partner with PRG, said Ash Baraghoush, senior director with HREI. PRG s experience in renovating and repositioning assets will make significant risk-adjusted returns for the venture.
Lake Meridian is located five miles east of Kent Station, an open-air urban village in the heart of downtown Kent. It contains a transit station, retail, shopping and dining options across the street from Lake Meridian Park, which features a 150-acre lake with swimming, boating, fishing and picnic areas. Royal Firs is located two miles east of Kent Station and less than one mile from the Clark Lake Park, which offers a wide range of outdoor amenities.
We are excited to buy our first two properties in the Seattle area, said Alex Saunders, managing director and head of west coast acquisitions. The units and common areas are in original condition which means that PRG has a blank canvas to transform the properties, improve the overall experience for residents and generate value for our investors.

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ORLANDO, FL – Elevation Financial Group announced the acquisition by Elevation Real Property Fund VII of Crestwood Village East for a buy price of $20 million or $40,300 per unit. The transaction represents Elevation’s first buy in the state of Indiana. It is also the largest acquisition to date in terms of both unit count and price.
The 496-unit 55+ senior property sits on over 20 acres and is located five miles from downtown Indianapolis. The unit types consist of a mix including a studio floorplan as well as one and two bedrooms ranging from 430 to 1,130 square feet. Situated in an ideal area near a revitalized historic district, the location offers residents simple access to restaurants, shops and healthcare facilities. The property is also well equipped with numerous amenities including two fitness centers, multiple resident lounge areas, on-site resident service coordinators and a large multi-purpose ballroom.
The property was built in 1966 by the Justus Company, a well-established home builder in the area. Crestwood Village East was originally developed as part of a larger community with a mission to provide quality housing and an affordable lifestyle for residents. The community continued to operate as an affordable senior property by the same company for over 50 years. Elevation was chosen as the buyer due to its experience and success with many senior communities and will continue to operate the property as affordable housing.
“This acquisition represents nearly a year of work and very large addition for Fund VII as Elevation identified, negotiated and financed its largest acquisition transaction in the history of the company,” said Chris King, CEO of Elevation. “Crestwood Village East is a fantastic senior community that has been owned and operated by one family. Elevation has a dynamic vision to revitalize its physical infrastructure and bring a new spirit of excellence and elegance as it transforms into Serenity Manor at Indianapolis.”
At over 75 percent occupied, the property is currently comprised of 71 helped living units and 425 independent living units. Due to lower occupancy in the helped living part, Elevation will convert all helped living units to independent living units. This will decrease operational expenses and offer a greater number of highly desired affordable independent living homes to seniors in the area. In addition, Elevation will rebrand the property as Serenity Manor at Indianapolis and will do a multi-million-dollar capital improvement and renovation plot.
The acquisition represents the sixth buy for Fund VII, The Apollo Fund since its launch in May 2019. Additional properties in the fund include a senior property in Illinois and four multifamily properties in Louisiana.

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ST. PAUL, MN – CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has bought Parkway Gardens, a senior affordable apartment community located less than three miles east of Downtown St. Paul.
CAPREIT will renovate the five-tale community, which features 160 apartment homes and commuter-friendly access to the Twin Cities. In-home improvement measures include vinyl-plank flooring, upgraded appliances and kitchen hardware, new countertops and new paint. The community was originally built in 2005 and underwent an initial renovation in 2011.
“We’re proud to add Parkway Gardens to the CAPREIT portfolio and continue our mission to provide quality housing for our nation’s seniors,” said Stephen Catarinella, vice president of acquisitions and business development manager for CAPREIT.
Situated at 1145 Hudson Road, Parkway Gardens offers convenient access to Interstate 94 and Highways 52 and 61, which provide connectivity to the greater Twin Cities area. The community also sits within close proximity of several stops along the Metro Transit bus line with several additional commuter options nearby. Minneapolis-St. PaulInternational Airport is located 12 miles from the community.
Parkway Gardens is positioned near several recreational areas, including Indian Mounds Regional Park, which is a half-mile southwest of the community. The Twin Cities job market includes many opportunities within the biotechnology and health technology sectors, and many medical clinics are within a small drive of the property.
Parkway Gardens offers one- and two-bedroom homes ranging from 553 to 648 square feet with den layouts available. Apartment interiors at the controlled-access community include air conditioning, high-speed internet access, walk-in closets, kitchen islands, storage areas and wheelchair accessible rooms.
Community amenities consist of a business center, conference room, game room with billiards, arts and crafts room, library, fitness center, beauty salon and an enclosed courtyard. Residents also have access to onsite laundry facilities and heated, covered parking.
Parkway Gardens marks the seventh community CAPREIT owns or manages within Minnesota. Others include Loring Park in Minneapolis and The Barrington in nearby Woodbury.

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