Posted on September 17, 2015
As the first resident of Serenity Apartments at Hickory Hill, George Blair has witnessed immense change and rapid growth over the past year. He has observed as Hickory Hill has gone from an empty and dated building to a bustling and active community. “Watching the property grow has been really enriching,” said Mr. Blair. Fortunately his days as a sole occupant were brief as the property transformed and the number of residents grew rapidly by the day. Today, less than a year after a successful renovation, the 55+ Memphis apartment community is almost fully occupied while bringing in monthly revenues of $92,000 – an increase of over $80,000 per month versus this time last year.
Although Hickory Hill was not the first Memphis property acquired by Elevation Financial Group, it was definitely the most unique. At the time of acquisition in May 2014, the 160-unit property had zero percent occupancy and required an extensive renovation to convert it to a 55+ independent, affordable housing facility. The Elevation team wasted no time and quickly began the $965,000 rehabilitation of the substantial property. The need for affordable housing in the Memphis area was high and Elevation wanted to work swiftly to make the apartment homes available to residents as soon as possible. “From the moment we stepped on the property the potential was obvious. We felt confident that through renovations and extensive rebranding that this property could be repositioned and become the bright spot in this area of Memphis,” said Michael King, Vice President of Elevation Financial Group. “Memphis has been a great market for Elevation. Quite frankly, it feels somewhat like a second home for our company. We clearly see the need for safe, clean and affordable housing in this area and both the city of Memphis and its residents have welcomed us warmly.”
Today Hickory Hill is flourishing with residents and is currently 94% occupied with 150 of the 160 units filled– an astounding result accomplished in less than a year. On a normal day you will see people socializing in the community room, watching a movie in the theater room or exercising in the onsite fitness center. “There have been many changes, all for the betterment of our community,” said resident Mrs. Rebecca Green. “My experience has been enjoyable, peaceful and serene.”
Tameka Woods, General Manager of Serenity Apartments at Hickory Hill attributes the success to exceptional customer service combined with a clean, affordable, and beautiful product. “We all truly care. We know all of the residents by name and work hard to create a community culture,” said Tameka. The residents agree and have said that the staff make living at Serenity "happy living".
The Memphis community has quickly taken note of the success as well. Within the past year, Serenity Apartments at Hickory Hill has been presented the Best Senior Living in Memphis award by SeniorAdvisor.com and named a 2015 Top Retirement Community by the Memphis Business Journal. Both are accolades that have made the Serenity staff extremely proud.
"My time at Serenity has been both wonderful and beautiful,” concluded Mr. Blair. “I was born and raised in Memphis, I am a native here. I couldn’t ask for a better place to live.”
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Elevation Financial Group, a Winter Park-based real estate private equity company, leads an award-winning group of companies whose focus and mission is to acquire, revitalize and operate apartments for low-income independent seniors and families, primarily in the southeastern United States. As a private equity company, Elevation raises capital through private placements to accredited investors. With a commitment to low or no loads on capital raised, Elevation has built a network of high net worth individuals and investment companies across the United States. Additionally, Elevation has established a non-profit foundation to foster its corporate social responsibility and philanthropic goals, including support of strategic charitable partnerships, both locally and internationally.