Avia Lofts on Victor’s Way Secures Certificate of Occupancy, Begins Welcoming New Residents

ANN ARBOR, MI – PEG Companies [“PEG”] has received its certificate of occupancy and begun welcoming new residents to Avia Lofts on Victor’s Way, a former extended stay hotel now transformed into quality Class B multifamily housing. The property, located at 800 Victors Way in Ann Arbor, Michigan, is part of a nine-property portfolio of Sonesta Suites hotels that PEG acquired last year through the PEG Extended Stay Conversion Fund, LP [“ESCF”].

Strategically situated just a mile from the University of Michigan, Avia Lofts on Victor’s Way immediately attracted a strong resident base, including a significant number of students attending the university. With its proximity to the academic hub, the property offers an ideal residence for students seeking comfortable and convenient living arrangements.

The property, boasting 114 units across 10 buildings, features a mix of studio, one-, and two-bedroom apartment homes—many of which are available as furnished units. Renovations at Avia Lofts included the addition of a fitness center, a pet park, a mail room equipped with Amazon parcel lockers, an upgraded clubhouse, and enhanced finishes throughout the premises. PEG also revamped units in buildings one through nine, making flooring upgrades, repainting, installing in-unit washers and dryers, and modernizing light fixtures.

Currently, PEG is actively leasing buildings 1-6 and 10, with plans to finalize the leasing process for buildings 7, 8, and 9 after a final inspection in the upcoming weeks. The property features a vibrant pool area, adding to the allure of Avia Lofts as an attractive living community.

Construction on the conversion process spanned an impressive six months, with construction commencing last March. The success of Avia Lofts on Victor’s Way is particularly gratifying for PEG, underscoring the firm’s ability to provide more affordable housing options to students and residents in the area. Notably, the rents at Avia Lofts are estimated to be in the $1,300 range for a one-bedroom unit, offering a more economical alternative compared to neighboring properties where rents hover around $2,300 for a shared bedroom.

“Since most of our residents are students, it feels great to provide a quality and affordable option for them in this exciting time of life,” said Cash Hunsaker, Development Manager at PEG.

For more information about Avia Lofts on Victor’s Way, leasing opportunities, or PEG’s investments, please visit the official PEG Companies website at www.pegcompanies.com.

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About PEG Companies:

Founded in 2003, PEG Companies [“PEG”] is a vertically integrated commercial real estate investment firm focused on opportunistic and value-add opportunities in the Mountain West and across the United States. Initially best known for its creative and well-executed real estate developments, PEG today encompasses five synergistic companies that each manage a different phase of the commercial real estate investment process. Currently, PEG’s robust $2.4B AUM includes assets in multifamily residential, single-family rental communities, student housing, office, mixed-use, and hospitality throughout 29 states and two Canadian provinces. PEG Companies employs more than 1,100 employees nationwide.