Argosy Real Estate Partners has closed on the off-market acquisition of a 106-room, former premier-branded, extended-stay hotel in Savannah, Ga., with a plan for conversion to a 106-unit multifamily property to be named The Spoke Savannah. The investment was made alongside Blaze Capital Partners, a boutique multifamily investment and development firm founded in 2016 and headquartered in Charleston, S.C.
The 1990-vintage, garden-style community comprises 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 rezoned for residential use.
Following acquisition, the partnership will immediately commence a capital improvement program and lease-up. The prop
