PEG Companies Launches Conversion Construction on Vancouver, WA Hotel

VANCOUVER, WA – PEG Companies, a vertically integrated commercial real estate investment firm, has initiated the conversion of a former Sonesta ES Suites hotel into a high-quality workforce housing community located at 8005 NE Parkway Drive.

Acquired as part of a nine-property portfolio deal through the PEG Extended Stay Conversion Fund, LP last year, the property boasts a total of 120 units, with construction estimated for completion in the summer of 2024. Following recent permit approvals, PEG Construction, PEG’s general contracting arm, is set to execute strategic renovation work over the next nine months.

The redevelopment plan aims to cater to diverse community needs. PEG has dedicated 48 of the units to affordable housing for the City of Vancouver and is now in the process of refreshing those interiors; the remaining 72 units will be transformed into premium living spaces, featuring upscale interior finishes, in-unit washer-dryers, and appliance upgrades. The property will also feature exclusive amenities for all residents including new fitness areas, a spacious pet walk, and a refreshed pool and spa.

“Avia Lofts on Parkway embodies PEG’s vision of creating affordable spaces where people can thrive. We’re excited to contribute to the growth and well-being of our Vancouver community through the provision of attainable, high-quality housing,” said Stephen Bush of PEG Development.

The property’s location benefits from the increasing demand driven by the influx of individuals leaving nearby Portland. Conveniently positioned near a thoroughfare with easy access to I-205, it offers residents a well-connected environment to live and work. Strong retail options, including A+ tenants like Target, further enhance the convenience for future residents.

PEG Property Group, PEG’s multifamily property management division, has already begun leasing some units, with significant interest from future residents looking to reserve the premium units as soon as they become available.

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