PEG Companies Breaks Ground on Largest Hotel-to-Apartment Conversion Project to Date

SEATTLE, WA – PEG Companies [“PEG”], a vertically integrated commercial real estate investment firm known for its unique approach to creating value, announced the commencement of construction on Avia Apartments on Pike, a transformative project set to bring attainable workforce housing to one of Seattle’s most coveted neighborhoods, the Capitol Hill district. Positioned at 1011 Pike Street, the former Homewood Suites extended stay hotel is currently undergoing a conversion into a contemporary multifamily community, addressing the pressing need for workforce housing in the locale.

Strategically positioned adjacent to the Seattle Convention Center, Avia Apartments on Pike represents the largest single acquisition within PEG’s extensive extended-stay portfolio.

“The comprehensive conversion plan for Avia Apartments on Pike includes the renovation of individual rooms, the installation of a fire suppression system throughout the property, and the addition of several amenities. Residents can look forward to enjoying a robust fitness facility, a centralized laundry facility, storage lockers, and cosmetic upgrades that elevate the overall living experience,” said PEG Development Manager Cole Ballard.

Upon fruition, Avia Apartments on Pike will offer a total of 183 apartment homes tailored to a diverse array of residents. In addition to the workforce housing element, seven percent of the project is dedicated to affordable housing. The ground floor of Avia Apartments on Pike will feature retail spaces, contributing to the vibrant neighborhood ambiance and offering convenience to its residents.

The phased delivery of Avia Apartments on Pike is scheduled to begin this May with the remaining units scheduled for delivery in October 2024.

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