Argosy Real Estate Partners Acquires The Spoke Savannah (Hotel to Multifamily Conversion)
We are pleased to announce that Argosy Real Estate Partners has closed on the off-market acquisition of a 106-room, former premier-branded, extended-stay hotel, planned for conversion to a 106-unit multifamily property to be named ‘The Spoke Savannah’ in Savannah, GA.
The 1990-vintage, garden-style community is comprised of three residential buildings with a mix of one- and two-bedroom floorplans and a standalone clubhouse. The property’s low-density configuration, kitchens, direct entrances, and existing amenity package position the asset as an ideal candidate for efficient conversion to workforce housing apartments. The asset is being acquired free and clear of hotel encumbrances and has been re-zoned for residential use.
Following acquisition, the partnership will immediately commence a capital improvement program and lease-up. The property will be well-positioned to capture pent-up workforce housing demand in the submarket, offering potential residents attainable monthly rents, while still providing high-quality interior unit finishes, proximity to transit and a full amenity package comparable to newer-vintage Class A competitors.
The investment was made alongside Blaze Capital Partners, a boutique multifamily investment and development firm founded in 2016 and headquartered in Charleston, SC. Targeting growth markets throughout the Southeast, Blaze acquires, owns and operates a portfolio of high-quality multifamily properties on behalf of institutional investors. Argosy and Blaze are strategically pursuing the acquisition of extended-stay hotels for the conversion to multifamily use throughout the Southeast. The Spoke Savannah is the fourth transaction executed in this program following The Spoke at Peachtree Corners (Norcross, GA), The Spoke at Tyvola Station (Charlotte, NC), and The Spoke at McCullough Station (Charlotte, NC).