PEG Cos. has acquired its 14th extended stay hotel for conversion into quality class B apartments. The Habitat Suites Austin joins PEG’s growing portfolio of hotel-converted-to-apartment assets across the country.
Located at 500 E. Highland Mall Blvd., the property is currently undergoing renovations and remains on track for an early summer delivery. PEG is in the process of adding a fitness center, workspace areas, cosmetic improvements and other updates necessary to convert the property into a market-leading multifamily community while leasing out one building of furnished units in their current state.
The acquisition of Habitat Suites is the latest of many extended-stay acquisitions for PEG. The firm is currently raising a $150 million fund, the PEG Extended Stay Conversion Fund, dedicated specifically to the firm’s strategy of converting discounted extended-stay hotels into quality class B workforce housing in strong markets across the United States. This Austi
