Creating Quality Affordable Housing
Elevation Financial Group, a renowned real estate financial company has recently announced the acquisition of Kennington Pointe by Elevation Real Property Fund VII. Kennington Pointe is a 155-unit senior property located in Memphis, Tennessee. The purchase worth $2.2 million represents the seventh acquisition by the fund in past 10 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 19889, the property was previously an independent living and assisted living facility. As part of the renovation plan, Elevation will add kitchens to the unutilized 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 large number of people in need of independent living.
Rehabilitations in the Memphis Area
Elevation is not new to rehabilitating senior communities in the Memphis area. In 2010, the company purchased a 396-unit tower and in 2014, Elevation also acquired Serenity Apartments at Hickory Hill, a 55+ senior community located only a couple of miles away 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.
“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.
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