MEMPHIS, Tenn. (WMC) - A California-based firm is investing in the Bluff City! Forge Partners just bought the Parkview at Memphis, a senior living facility in Midtown that was built in 1923.
Greg Akers, Memphis Business Journal Editor-in-Cheif, says the firm isn’t planning to do too much to the building regarding renovations. He says Forge Partners just wants to upgrade it.
“The appeal of the building was what it looks like, the architecture and history of it,” said Akers. “If you’ve ever seen the inside of it, you know that it’s really beautifully appointed with lots of wood paneling and things like that. They don’t want to change those things.”
Akers says what the firm does want to change is some of the carpet in some of the units, put some fresh paint in and use funds to spruce it up a bit to increase occupancy. The building’s occupancy level is currently at 60%.
According to Akers, the firm has experience with senior living and does not plan to raise the rent for seniors who are living at the Parkview.
It is unclear how much Forge Partners will be investing in the building but the company purchased the Parkview for $5 million.
You can find these stories and more online at MemphisBusinessJournal.com