DEVELOPMENT COMPARISON
Ground-Up
SHIR Conversion
1 Year +
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Closing Time
90 Days
3 - 5 Years
Construction Time
~1-2 Years, Keep Building Envelope
More Trade Permits, Site Plans & New Utilities
City Involvement
Keep Existing Site Plan & Comply w/ Zoning
$250k+
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AVG Cost/Unit ($)
$25k - $50k
Rents Set to Maximum
Market Level
Affordability
Baked-in & Incentivized
CONVERSION PROJECTS
TEAK, Houston, TX
Acquired: March 2022
Type: Hotel to Multifamily
Unit Count: 226
Completion: Est. Q2 2024
Acquired: December 2021
Type: Hotel to Multifamily
Unit Count: 496
Completion: Est. Q2 2024
The Veer, Austin, TX
Acquired: December 2020
Type: Hotel to Multifamily
Unit Count: 174
Completion: Est. Q2 2024
The Alma, Austin, TX
Acquired: August 2020
Type: Hotel to Multifamily
Unit Count: 172
Delivered: Q3 2023
The Hedge 2, Austin, TX
Acquired: August 2020
Type: Hotel to Multifamily
Unit Count: 155
Delivered: Q2 2023
Acquired: March 2020
Type: Hotel to Multifamily
Unit Count: 226
Delivered: Q4 2022
Sold: Nextloft Apartments, Bluffton, SC
Acquired: January 2018
Type: Ext. Stay to Multifamily
Purchase: $5.0MM
Total Capital: $10.1MM
Unit Count: 148
Delivered: Q1 2020
Acquired: April 2018
Type: Ext. Stay to Multifamily
Purchase: $4.5MM
Total Capital: $7.4MM
Unit Count: 96
Delivered: Q1 2020
Sold: Terrain, Pittsburgh, PA
Acquired: December 2015
Type: Ext. Stay to Multifamily
Purchase: $6.3MM
Total Capital: $13.7MM
Unit Count: 152
Delivered: 2018