Elevation Properties LLC acquired a 17-story senior high-rise apartment community near the Boca Ciega Bay for $1.6 million.

Orlando-based Elevation Properties on March 11 closed on the deal for the 210-unit Bethany Towers in South Pasadena from Bethany Housing Inc.

Elevation Properties received backing from the U.S. Department of Housing and Urban Development to purchase and manage the facility, which the firm plans to rename Serenity Towers, according to a news release.

Elevation Properties plans to begin a year-long renovation of the 140,000-square-foot property to update its mechanical systems, replace windows, modernize common areas and improve the unit interiors, the release said.

Elevation Properties focuses on the investment, renovation and preservation of affordable housing in Florida.