Hotel To Multifamily

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Hotel Units In Conversion Process
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Hotel Units Delivered as Multifamily
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Years of Conversion Experience

DEVELOPMENT COMPARISON

Ground-Up

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SHIR Conversion

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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

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Acquired:        March 2022
Type: Hotel to Multifamily
Unit Count:                      226
Completion: Est. Q3 2024

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Acquired:    December 2021
Type:     Hotel to Multifamily
Unit Count:                          496
Completion:      Est. Q3 2024

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The Veer, Austin, TX

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Acquired: December 2020
Type:   Hotel to Multifamily
Unit Count:                         174
Completion:   Est. Q3 2024

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The Alma, Austin, TX

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Acquired:        August 2020
Type:   Hotel to Multifamily
Unit Count:                         172
Delivered:              Q3 2023

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Acquired:        August 2020
Type:   Hotel to Multifamily
Unit Count:                        155
Delivered:              Q2 2023

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Acquired:         March 2020
Type:   Hotel to Multifamily
Unit Count:                        226
Delivered:              Q4 2022


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Sold: Nextloft Apartments, Bluffton, SC

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Acquired:             January 2018
Type: Ext. Stay to Multifamily
Purchase:                     $5.0MM
Total Capital:             $10.1MM
Unit Count:                            148
Delivered:                   Q1 2020

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Acquired:                   April 2018
Type:  Ext. Stay to Multifamily
Purchase:                       $4.5MM
Total Capital:                 $7.4MM
Unit Count:                                96
Delivered:                     Q1 2020


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Sold: Terrain, Pittsburgh, PA

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Acquired:      December 2015
Type: Ext. Stay to Multifamily
Purchase:                      $6.3MM
Total Capital:             $13.7MM
Unit Count:                            152
Delivered:                           2018


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