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The Elevation at Autumn Ridge 6301 Village Grove Dr 151 Unit Apartment Building For Sale Memphis, TN 38115
Investment Highlights
- Day-one cash-flowing, fully stabilized asset with multiple clear avenues for NOI growth
- 95+% occupancy for over 36 consecutive months
- 84.5% Resident retention over the past 12 months
Executive Summary
Elevation at Autumn Ridge is a 151-unit, age-restricted, 55+ multifamily community operating on a straightforward market-rate model—there are no LURAs, deed restrictions, or additional regulatory requirements. The property operates just like a conventional multifamily asset with no incremental staffing, overhead, or tenant services burden, but with 84.5% tenant renewal, 36+ months of 95%+ occupancy, and a superior tenant profile that results in lower wear and tear and highly durable cash flow with dependable organic rent growth.
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, Active Adult Living Community 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.
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, Active Adult Living Community 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.
Property Facts
| Sale Type | Investment | Building Size | 148,340 SF |
| No. Units | 151 | Average Occupancy | 95% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1989 |
| Apartment Style | Low-Rise | Tenancy | Single |
| Building Class | C | Parking Ratio | 1.31/1,000 SF |
| Lot Size | 9.92 AC | ||
| Zoning | CMU-2 | ||
| Sale Type | Investment |
| No. Units | 151 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 9.92 AC |
| Building Size | 148,340 SF |
| Average Occupancy | 95% |
| No. Stories | 3 |
| Year Built | 1989 |
| Tenancy | Single |
| Parking Ratio | 1.31/1,000 SF |
| Zoning | CMU-2 |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Heating
- Ceiling Fans
- Kitchen
- Range
- Freezer
- Smoke Free
- Wheelchair Accessible (Rooms)
- Window Coverings
- Large Bedrooms
Site Amenities
- 24 Hour Access
- Business Center
- Fenced Lot
- Fitness Center
- Laundry Facilities
- Picnic Area
- Property Manager on Site
- Gated
- Planned Social Activities
- Elevator
- Lounge
- Maintenance on site
- Public Transportation
- Individual Locking Bedrooms
- Private Bathroom
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 27 | $1,212 CAD | 291 - 500 |
| 1+1 | 101 | $1,445 CAD | 534 - 540 |
| 2+2 | 23 | $1,713 CAD | 840 |
Fairly walkable
40/100
Very drivable
80/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 09-3500-0-0286 | Improvements Assessment | $2,172,649 CAD |
| Land Assessment | $387,382 CAD | Total Assessment | $2,560,031 CAD |
Property Taxes
Parcel Number
09-3500-0-0286
Land Assessment
$387,382 CAD
Improvements Assessment
$2,172,649 CAD
Total Assessment
$2,560,031 CAD
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The Elevation at Autumn Ridge | 6301 Village Grove Dr
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