Source: Elevation Financial Group
MEMPHIS, TN - Elevation Financial Group announces the acquisition by Elevation Real Property Fund VII of Kennington Pointe, a 155-unit senior property located in Memphis, Tennessee. The $2.2 million purchase represents the seventh acquisition by the fund in the past ten months and is the latest example of Elevation's mission to create and support quality affordable housing in communities throughout the United States.
Built in 1989, the property was previously an independent living and assisted living facility. As part of the renovation plan, Elevation will add kitchens to the underutilized assisted living units and upgrade the entire property to an affordable 55+ independent senior living community. Upgrading the vacant assisted living units to independent living will enable the property to reach its full potential by allowing Elevation to serve a larger number of people in need of independent living and fulfill a great demand for quality affordable senior housing in the East Memphis area. The property will also be rebranded as The Elevation at Autumn Ridge.
"Our nation has seen an unfortunately sharp increase in the need for affordable housing in recent months, making the work Elevation does to rehabilitate and stabilize affordable communities even more important. At a time when more and more Americans are struggling to afford basic necessities like food and rent, our company remains steadfast in our mission to provide safe, clean, and affordable housing our residents are proud to call home, and we intend to do exactly that for the people of Memphis," said Chris King, CEO of Elevation.
Elevation is not new to rehabilitating senior communities in the Memphis area. In 2010, the company purchased a 396-unit senior tower and in 2014, Elevation also acquired Serenity Apartments at Hickory Hill, a 55+ senior community located only a couple of miles from the latest Memphis acquisition. Elevation at Autumn Ridge will be managed by Elevation Property Management, a best-in-class company managing senior and multifamily communities in nine states.
Additional properties in the Fund VII portfolio include a senior property in Illinois, four multifamily properties in Louisiana and a 496-unit senior community in Indiana.