MEMPHIS, Tenn. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Kennington Pointe, a 155-unit seniors housing property in Memphis.
Built in 1989, the property was previously an independent living and assisted living facility. As part of a renovation plan, Elevation will add kitchens to the assisted living units and convert the entire property to an affordable community for those over age 55. The property will also be rebranded as The Elevation at Autumn Ridge.
The $2.2 million purchase represents the seventh acquisition by the fund in the past 10 months.
“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,” says Chris King, CEO of Elevation.
This is not the first project of its type that Elevation took on. In 2010, the company purchased a 396-unit seniors housing tower. In 2014, Elevation also acquired Serenity Apartments at Hickory Hill, a 55+ community located a few miles from the latest Memphis acquisition.
Elevation Property Management will manage the property following the renovation. Blueprint Healthcare Real Estate Advisors represented the seller in the transaction