Argosy Real Estate Partners buys hotel to convert into multifamily

Argosy Real Estate Partners has closed on the off-market acquisition of a former nationally branded, 116-room, extended-stay hotel planned for conversion to a 116-unit multifamily property to be named The Spoke at Tyvola Station in southwest Charlotte, N.C. This is the first investment for Argosy Real Estate Partners’ recently launched multi-asset fund.

The financial terms were not disclosed.

The 1985-to-1998 vintage, garden-style community is comprised of 11 buildings, with a mix of studio, 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 of hotel encumbrances and has been re-zoned for residential use.

After acquisition, the partnership immediately will begin a capital-improvement program and lease-up. The property wi