A gentrified neighborhood has transformed from being a poor, working-class area to one where wealthier people live. There are usually many places to buy a latte in a gentrified neighborhood, but very few minority-owned businesses.
If an area is gentrified, it's gone through a transition. From a neighborhood that was inhabited by working-class and poor residents, often people of color, it's become wealthier and (usually) whiter. The buildings in a gentrified neighborhood may look tidier, with fixed-up homes and brand new businesses, but many of the people who were there for their whole lives can no longer afford to live there. Gentrified is rooted in gentry, "nobility," or "upper-middle class."