ETHIOPIA – Verdant Ventures has partnered with Gateway Real Estate to launch Elevation Residences, a 112-unit residential tower offering state-of-the art amenities and safety suitable for Tier 1 clients.
The market opportunity for international-standard housing in Addis Ababa, as the third largest consular community in the world, was a key factor in drawing the global developers.
Verdant Ventures, a US-based real estate development company specialising in corporate accommodation development in Africa and co-developer of Elevation Residences.
Located in the blue-ribbon zone, Elevation Residences is security, seismic and international standard compliant.
“We are honoured to have been able to develop this opportunity in Ethiopia, offering the highest level, seismically rated and secure housing to further support the country’s pole position as an international hub for corporates and diplomatic engagements,” Tim Redman, CEO of Verdant Ventures, commented.
“It’s a position that we see as a long-term opportunity that will continue to be a high priority for corporates and a high value acquisition target for African real estate investors.”
Elevation Residences is located in Gulele, a few kilometres northwest of Addis Ababa University. The development is located on a river and overlooks protected forest land.
It is in close proximity to many shops, restaurants, hospitals, and the airport. Strong emphasis was placed on local procurement and contracting local professional firms.
“We are thrilled to see the completion of Elevation Residences within the required time frame despite the impact of Covid-19,” Greg Pearson, CEO and co-founder of Mauritian based Gateway Real Estate Africa, who co-developed Elevation Residences with Africa-focused Verdant Ventures, commented.
“The development offers design and amenities to integrate lifestyle elements such as entertainment, business and family within its secure environment.
Elevation Residences is the first joint development by Verdant Ventures and Gateway Real Estate Africa, with a second development in Nairobi, Kenya, currently underway.
Mauritius based and London listed Africa property specialist, Grit Real Estate Income Group, who owns a stake in Gateway Real Estate Africa, will be responsible for the asset management of Elevation Residences.
“The interior courtyard with swimming pool provides a tranquil area for relaxation as well as an opportunity for residents and visitors to connect,” Pearson added.
“In addition, an elevated deck area at the top of the residence building was designed to give residents both privacy and spectacular views of the area. For the building’s exterior aesthetic, the architect’s design included stucco exterior walls using a palette of natural colours.”
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