A vacant, former hotel at 6780 Southwest Freeway in Houston will soon be converted into apartment units. Dos Lagos Asset is leading the effort to transform the 292-room former Hilton-branded hotel, which closed permanently during the pandemic.
The Houston Business Journal reports that the project, known as Altura Residences, is set to be completed in phases. The first phase will convert the hotel rooms into studio apartments, and the last phase will include building tenant amenities. The owners are planning 25,000 square feet of retail on the ground floor.
A RentCafe survey reports that hotel conversions accounted for more than one-third of adaptive reuse projects in the United States. This is a reversal of the initial trend in 2020, which began with converting office space into residential units. That year, 6,626 units nationwide were converted from offices, compared to 1,784 units yielded from hotel-to-residential conversions.
Ponderay Apartments, a 40-unit multifamily property located at 5625 15th Ave NE in Seattle’s University District, sold for $6.26 million, equating to $156,625 per unit. Built in 1963, the property totals 21,540 square feet and consists of 22 one-bedroom units and 18 studio apartments. The studios average 478 square feet, while the one-bedroom units average...
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TruAmerica Multifamily acquired Bricks at Perimeter Center for $120 million. Clark Ventures was the seller of the 446-unit, garden-style apartment community in Atlanta’s Perimeter Center submarket. Clark paid $69.5 million for the property in 2016. TruAmerica will revamp nearly all of the rooms in the complex, which was built in 2007. The company plans to incorporate...
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BTI Partners and Bridge Investment Group closed on $109 million in financing for the Bread Building, a multifamily property located in downtown Hollywood, Florida. Cushman & Wakefield arranged, and Greystone provided the Freddie Mac loan for the transaction on behalf of borrowers, BTI Partners and Bridge Investment Group. Cushman & Wakefield’s Equity, Debt & Structured Finance...
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