- Elevation Residences is a 112-unit residential tower development in the heart of Ethiopia’s capital
- The property is co-developed by Verdant Ventures and Gateway Real Estate Africa
- It is security, seismic and international standard compliant
Addis Ababa, Ethiopia is the third-largest consular community in the world.
This strategic positioning has created a market opportunity for international-standard housing in the Ethiopian capital and it was a key factor in drawing global developers Verdant Ventures and Gateway Real Estate to the city for the development of Elevation Residences.
The 112-unit residential tower offers state-of-the-art amenities and safety suitable for Tier 1 clients.
Located in the blue ribbon zone, Elevation Residences is security, seismic and international-standard compliant.
Tim Redman, CEO of Verdant Ventures, said that they 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.
He added that it is a position they 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.
Verdant Ventures is a US-based real estate development company specialising in corporate accommodation development in Africa and a co-developer of the Elevation Residences.
Gateway Real Estate Africa CEO and co-founder, Greg Pearson, said the completion of Elevation Residences within the required time frame despite the impact of Covid-19 was a huge milestone.
The Mauritian based company co-developed Elevation Residences with Africa-focused Verdant Ventures.
This development offers design and amenities to integrate lifestyle elements such as entertainment, business and family within its secure environment.
Pearson added that the interior courtyard with a swimming pool provides a tranquil area for relaxation as well as an opportunity for residents and visitors to connect. In addition, an elevated deck area at the top of the residential 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”, he said.
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. Approximately 750 construction jobs were created as a result of the development.
Local professional teams included SYMBIO, Elmi Olindo & Co, Bamacon Engineering Plc, Bigar Architects, Mehrteab & Associates Office, KPMG Ethiopia, Grant Thornton Ethiopia, Davis & Shirtliff, SGS Ethiopia among others.
The average size of an apartment is 134 m2 (approx. 1,445ft2) and each unit offers a safe room with a security door. The centralised fire system as well as the design and installation of all utilities meet the International Building Code’s health and safety standards for apartment construction.
The development offers residents free wi-fi access in designated common areas and access to satellite TV.
Each apartment is equipped with a dishwasher, washing machine, washing dryer, fridge, stove, oven and microwave. There are ceiling fans in each bedroom. Common area amenities include a roof deck entertainment area with spectacular views, a Tier 1 fitness centre and heated pool and a children’s play area.
There are also private BBQ facilities that residents can pre-book as well as a dog-walking area. The lobby of Elevation Residences caters for business meetings and is serviced by a café.
The developers have also been actively participating in corporate social responsibility works, creating job opportunities within the local community, providing on-the-job training, refurbishing communal infrastructure including new drainage systems, road and streetlight upgrades, the beautification of surroundings and supporting local youth in start-up businesses.
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.