Avia Apartments at College Boulevard

Originally acquired as Hawthorn Suites hotel, this property has a unique layout that lent itself to a seamless transition into a multifamily community. Now known as Avia Apartments at College Boulevard, the asset joins the PEG Extended Stay Conversion Fund, L.P. [PEG ESCF], a fund specifically dedicated to the conversion of discounted extended-stay hotels into quality Class-B multifamily housing. As part of the conversion, PEG plans to spend between $4 million and $5 million to make key updates to the units including the replacement of countertops, cabinets, flooring, light fixtures, and the addition of washers and dryers. Project leaders are also making improvements to amenities like the pool, fitness center, and clubroom.