Elevation at Autumn Ridge offers a rare combination: a day-one cash-flowing, fully stabilized asset with multiple clear avenues for NOI growth. The property has maintained 95%+ occupancy for 36+ consecutive months.

80 million Baby Boomers will be 65+ by 2030, yet in 2024 new 55+ housing starts fell to their lowest level since 2009. Today, the Memphis MSA has more than 213,700 residents age 65+, the majority of whom are effectively priced out of institutional luxury senior communities ($3,500–$6,000+/month) and do not qualify for subsidized housing. Positioned squarely in this gap at $1,000–$1,300+/month, Elevation at Autumn Ridge offers quality, attainable housing for this underserved middle-market segment while preserving meaningful runway for future rent growth.

As a 55+ Age-Restricted Multifamily community, Elevation requires no state licensing, no medical staff, and no regulatory compliance burden. It operates as standard multifamily with superior resident demographics — capturing the favorable demand dynamics of senior housing without the operational complexity and care obligations associated with assisted living or memory care.

55+ residents relocate for one reason: a change in care needs. Autumn Ridge’s trailing 12‑month renewal retention of 84.5% versus a ~54% national multifamily average translates directly into lower vacancy loss, reduced turn costs, and more stable cash flow — driving a meaningfully more efficient expense profile than conventional apartments.

Operational improvements are contractually underway and stack quickly. The recently terminated cable TV contract ($40,000+ annually) and reduction of the management fee from 7% to 3% ($50,000 annually) decreased the expense load by over $90,000 while requiring zero new capital. Additionally, Elevation currently sits within a master insurance policy burdened by losses from unrelated properties. Transitioning to a standalone program at acquisition is projected to capture an additional 10–20% in insurance savings, with no operational risk.

New leases over the past six months have averaged $985 (excluding RUBS), while loss-to-lease has decreased by over $4,000 in the trailing 12 months — signaling strong rent momentum. Renewals are consistently executing at $75 increases ($50 rent + $25 RUBS), equating to roughly 7% average annual rent growth. In addition, market rents for 1A and Alcove units have each increased another $50, underscoring continued runway for further rent upside.