Elevation Financial Group Picks Up Memphis Property
The company purchased a 155-unit senior housing community, the seventh acquisition by its Elevation Real Property Fund VII in the past ten months.
Elevation Financial Group has paid $2.2 million for Kennington Pointe, a 155-unit senior community in Memphis, Tenn., through its Elevation Real Property Fund VII.
The purchase marks the seventh acquisition by the fund in the past ten months. The fund’s portfolio also includes a 496-unit senior community in Indiana, four multifamily assets in Louisiana and a senior property in Illinois. The new owner rebranded the asset as The Elevation at Autumn Ridge.
Situated at 6301 Village Grove Drive, Kennington Pointe came online in 1989 as an independent living and assisted living facility. The three-story building encompasses studio, one- and two-bedroom floorplans. Amenities include a fitness room, game room, library and dining room. Elevation intends to transform the property into an affordable independent living community catering to adults aged 55 and over. Elevation Property Management will be the property’s manager.
The community is some 19 miles southeast of downtown Memphis, near Winridge Park. The immediate area holds numerous shopping and dining options alongside Winchester Road, including Hickory Ridge Mall and Winchester Court. Regional One Health Rehabilitation Hospital is roughly 4 miles north.