Avinity, an affiliate of Presbyterian Homes & Services (PHS), and Allina Health have closed the sale of Riverwood Village, located at 909 Dellwood St. South in Cambridge. The change in ownership to Avinity will support the present occupancy of Riverwood Village, a 55+ apartment property previously managed by Cambridge Medical Center, part of Allina Health.
“Avinity is excited to bring Riverwood into our portfolio,” said Denyse Ethridge, CEO of Avinity. “We are grateful to Allina for their excellent stewardship and care in managing such a beautiful property. Avinity will proudly carry on the high standard of quality and service that Allina has established for Riverwood residents and the Cambridge community,” she said.
Since the purchase agreement in October 2020, Allina Health and Avinity have worked side-by-side to provide smooth transition, keeping Riverwood Village tenants and staff informed throughout the transition. Avinity has assumed all current tenant leases for 30 days after closing, during which time it will issue new month-to-month leases at the current rate. All security deposits have been transferred.
Allina Health and PHS have a long history of collaboration, including co-ownership of Interlude Restorative Suites located in Plymouth, MN. “Working with the employees and visiting with tenants at Riverwood has been the best part of my job for nearly five years,” said Jessica Engen, Riverwood manager. “I am grateful for the partnership with Avinity and their commitment to high quality care for the tenants and the property they call home.” Engen will continue her responsibilities in hospital patient registration at Cambridge Medical Center.
Avinity and PHS are both faith-based, non-profit providers of senior housing and services in Minnesota. Jon Fletcher, vice president of project development for PHS said, “We are pleased to expand the mission and ministry of Avinity and Presbyterian Homes & Services through the acquisition and preservation of modest priced senior housing in the greater metro area, including Riverwood Village.”
Jordan Thompson has been named by Avinity as the new housing director of Riverwood Village. Thompson, who has been employed by PHS since 2015, will begin his new position on December 28.
The purchase of Riverwood Village allows Avinity to preserve affordable housing for older adults in the Cambridge community and offer additional resources and services for tenants. Avinity are experts in developing and managing independent senior living communities throughout Minnesota and will be well-equipped to enrich the quality of life for Riverwood Village tenants.