Argosy Real Estate plans to convert hotel into multifamily property

Argosy Real Estate Partners has closed on the off-market acquisition of a former nationally branded, 92-room extended-stay hotel planned for conversion to a 92-unit multifamily property to be named “The Spoke at Peachtree Corners” in Norcross, 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 rezoned 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 whil