An Official Press Release
June 10, 2024

PEG Companies Receives Certificate of Occupancy for Avia Lofts on Liberty Ridge

Originally a Sonesta Suites, Utah-based PEG Companies acquired the property and gave it new life as a 112-unit multifamily community.

Jacksonville, FL – PEG Companies [“PEG”] announced the receipt of Certificates of Occupancy at Avia Lofts on Liberty Ridge. Located at 8365 Six Ellis Trail, Jacksonville, FL, seven of the property’s 14 buildings stand ready for move-ins with the remaining seven expected to gain approval later this month.

 

The extensive renovations were executed by PEG Construction, PEG’s in-house general contractor, who meticulously upgraded the property to enhance both functionality and aesthetics. The newly finished multifamily community, now managed by PEG Property Group, PEG’s multifamily operations management division, offers residents a range of modern amenities including a spacious pool, comprehensive fitness center and yoga room, convenient Amazon lockers, and a newly built pet park.

 

The 112-unit property was acquired as part of a nine-property portfolio of extended stay hotels in April 2022. For the first nine months post-acquisition, the property continued its operations as a hotel before PEG initiated the conversion process. Renovations included new flooring and paint, the expansion of the amenity package, installation of a fire suppression system, addition of bicycle racks, and significant landscaping improvements. Additionally, 56 of the units feature premium upgrades, including new quartz countertops, painted cabinets, new stainless-steel appliances, and in-unit washers and dryers.

 

“We are thrilled to bring Avia Lofts on Liberty Ridge to the neighborhood,” said McKell Shelton, Development Manager at PEG Companies. “Despite facing several headwinds, our team has persevered and stuck to our principles to deliver this vibrant new property that fills a great need in the Jacksonville community.”

 

Avia Lofts on Liberty Ridge is now welcoming new residents. For leasing information, please visit https://www.avialibertyridge.com/.

About PEG Companies:
Founded in 2003, PEG Companies is a vertically integrated owner, operator, and developer of multifamily, hospitality and build-to-rent assets in the U.S. and Canada with a focus on the Mountain West. 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 $1.9B AUM encompasses investments in 29 US states and one Canadian province. PEG Companies employs more than 1,100 employees nationwide. ‬‬‬‬ For more on PEG, visit www.pegcompanies.com.
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