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 buy represents the seventh acquisition by the fund in the past ten months and is the latest example of Elevation’s mission to make and support quality affordable housing in communities throughout the United States.
Built in 1989, the property was previously an independent living and helped living facility. As part of the renovation plot, Elevation will add kitchens to the underutilized helped living units and upgrade the entire property to an affordable 55+ independent senior living community. Upgrading the vacant helped 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 fantastic 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 vital. 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 bought a 396-unit senior tower and in 2014, Elevation also bought 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.

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LOS ANGELES, CA – LaTerra Development, a Los Angeles-based developer of urban infill mixed-use properties, announced the formation of a programmatic joint venture with QuadReal Property Group, a global real estate company. The venture will invest up to $250 million in equity to develop and operate multifamily communities in Southern California with a focus on Greater Los Angeles.
The venture has closed on two land acquisitions, the first being for the development of 573 apartment homes adjacent to a transit stop in downtown Burbank at 777 N Front Street, Burbank, CA. Burbank is home to a significant and robust employee base, driven by leading media companies such as Disney and Warner Brothers. This project will help to alleviate the city s supply-demand imbalance – only one apartment project has been built in Burbank in over 20 years, giving Burbank the highest jobs to housing ratio of any city in California.
The second land site is for the development of 71 apartment homes in West Hollywood at 7617 Santa Monica Blvd, West Hollywood, CA. This boutique project will cater to the West Hollywood submarket, with a location that is highly central and walkable to both employment and lifestyle destinations. Prospective residents will delight in 360 degree views of West Hollywood from the rooftop pool. The venture is expected to break ground on the site in 2020. Both projects bring affordable housing components to their respective communities – 69 homes for Burbank and 11 homes for West Hollywood.
“QuadReal is a well-respected, world class organization with whom we are honored to partner for our new build to core strategy in Los Angeles, one of the best apartment markets in the country,” said Charles Tourtellotte, chief executive officer for LaTerra Development. Los Angeles is at the center of the ‘techtainment’ boom – the intersection of technology and entertainment– but apartment supply has failed to keep pace. The Burbank and West Hollywood markets exemplify this trend, making these two projects brilliant assets with which to seed the venture.
Tim Works, Managing Director, Americas for QuadReal, added: “We are pleased to form this relationship with LaTerra, which has extensive development experience in the Los Angeles market. Los Angeles has extremely high barriers to entry, and we are excited to partner with a local operator that has significant entitlement expertise and reach into the local market. Burbank and West Hollywood are sites that LaTerra spent years entitling, allowing QuadReal to immediately gain access to two of the best submarkets in Los Angeles.
Jonathan Dubois-Phillips, President, International for QuadReal, reinforces the company s conviction about this strategy, with this timing: Investing in global markets with constrained housing supply encourages our investment of time and resources, especially when demand is strong and increasing. Our convictions and commitments are long term focused. We aim to see beyond small term dislocations if not seek opportunity within them.
Consistent with LaTerra and QuadReal s objectives of building sustainable and green communities, the projects will include features such as electric vehicle charging stations, solar panel integration, and participation in the Energy Star program. Burbank will be LEED Gold certified.
Macquarie acted as exclusive financial advisor and global placement agent on behalf of LaTerra in connection with the formation of the joint venture.

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LOS ANGELES, CA – Continuing its mission to serve those underserved by the marketplace, Linc Housing announced the start of construction on Cadence, an all-new, 64-unit apartment community in the Watts neighborhood of Los Angeles. The new homes are for families and individuals who have experienced homelessness.
From saying ‘yes to Prop HHH to supporting more housing in their neighborhoods, Angelenos are coming together to bring our unsheltered neighbors indoors, said Los Angeles Mayor Eric Garcetti. Linc Housing is an vital partner in this work as we build the high-quality, long-lasting permanent supportive housing homeless Angelenos urgently need and deserve.
Cadence, located at 11408 S. Central Ave., in Los Angeles, will have 63 one-bedroom apartments and one manager s unit. Other features will include community room with kitchen, computer room, outdoor courtyards, indoor bicycle parking, offices for case management, and convenient access to public transportation, shopping and community services.
With funding support from Los Angeles County, residents will receive intensive case management to help ensure they thrive. Supportive services will include mental health and physical health services, employment counseling and job placement, education, substance abuse counseling, money management, help in obtaining and maintaining benefits, and referrals to community-based services and resources.
Linc is proud to start construction on our third apartment community in the Watts and Willowbrook neighborhoods, said Rebecca Clark, president and CEO, Linc Housing. This close proximity will allow us the opportunity to expand our community engagement work in the future by bringing our residents together for shared activities and resident services programming. Cadence is near Mosaic Gardens at Willowbrook, a 61-unit complex that opened in spring 2017, and Springhaven, a 100-unit building due to open later this year.
Funding for the development comes from a variety of sources including construction and permanent loans from Bank of America, $10.1 million in HHH Funds managed by the Housing + Community Investment Department of the City of Los Angeles (HCIDLA), $7.1 million from the Los Angeles County Development Authority (No Place Like Home funds), and tax credit equity from Raymond James. The project will receive rental subsidy from the Housing Authority of the City of Los Angeles. The California Endowment provided predevelopment support.
The new community was designed by Lahmon Architects and will be built by Walton Construction Inc. Construction of affordable housing has been designated an essential activity during the COVID-19 pandemic, and the construction team will follow recommended safety protocols to keep the job site safe. The development is due to be completed in late 2021. All units will be filled through referrals from the County of Los Angeles Coordinated Entry System (CES).

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