New Workforce Housing Community, “Avia Apartments at North Shore,” Opens for Business

JEFFERSONVILLE, In – PEG Companies [“PEG”], a vertically integrated commercial real estate investment firm known for its unique approach to creating value, successfully completed the conversion of an aging extended stay hotel into a vibrant multifamily community now known as Avia Apartments at North Shore.

Located near Interstate 65 with quick access to downtown Louisville, the 94-unit property boasts newly remodeled open concept kitchens with granite countertops and stainless steel appliances, a community pool and fitness center, bike storage, package lockers, a clubhouse, a spacious outdoor communal patio area, and much more.

Understanding the need for quality attainable workforce housing in the region while recognizing the growing costs associated with building apartments from the ground-up right now, PEG saw converting the property as an opportunity to provide a much-needed product in a cost-effective way. After acquiring the property as a Hawthorn Suites by Wyndham in May 2022, PEG’s acquisitions and development team worked closely with the city to make the entitlement adjustments necessary to complete the conversion. In June 2022, PEG’s in-house construction group, PEG Construction, began renovations, incorporating ADA units, community amenities, landscaping, and more, before turning it over to PEG’s in-house multifamily/commercial property managers, PEG Property Group, to begin leasing up the newly converted apartments six months later.

“This project allowed PEG Construction to leverage local talent while working through existing code and design requirements with the City. While there are always going to be obstacles with these conversion projects, we were proud to be able to deliver Avia Apartments at North Shore on time and under budget,” said Nate Buckner, President, PEG Construction.

“As we begin leasing up the property, we are sincerely excited to get to know and serve our residents in the Jeffersonville area,” said Debra Spohn, President, PEG Property Group. “We are known for providing a uniquely exceptional experience for our residents and look forward to distinguishing this Avia property in the community through attention to detail and top-notch customer service as the property manager.”

Avia Apartments at North Shore marks the fifth hotel-to-apartment conversion PEG has completed with five more currently under way. The firm launched the Avia Apartments brand specifically for its hotel-to-apartment conversion strategy along with a private equity fund, PEG Extended Stay Conversion Fund [PEG ESCF] in 2020.

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