MEMPHIS, Tenn. — After months of complaints about the conditions of Serenity Towers, we learned Wednesday that the property may soon be sold.
At Wednesday’s monthly meeting of the Memphis Health, Educational and Housing Facility Board, Millennia executive Arthur Krauer confirmed Millennia was selling Serenity Towers.
It’s part of a restructuring where the company plans to shed more than 30 properties in its portfolio. Millennia owns and/or manages five properties in Memphis and Serenity is the only one set to be sold.
Serenity is technically owned by a Millennia affiliated entity. It was set to fully acquire the property and start a multi-million dollar renovation at the senior high rise, but as first reported by WREG, the deal fell apart after Tennessee’s state housing agency recently pulled its financial support for the deal.
There’s no word yet on how long Millennia will continue to manage the property. It’s run day to day operations at Serenity since 2017 after taking over for the troubled Global Ministries Foundation.
Millennia is set to go back before the Memphis Health Ed Board next month.
Attorneys for Serenity will also be back in Environmental Court in less than two weeks to follow up on continued code violations such as non-working elevators, inoperable heat and another bed bug infestation.
The WREG Investigators have reached out to Millennia and HUD for more details and we’re still waiting on a response.