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| Marcie Williams |
Charlotte, NC, May 11, 2022 - RKW Residential, one of the nation’s fastest-growing multifamily management firms, is expanding into the burgeoning hotel-to-multifamily conversion sector with the assignment of four such projects from developer Blaze Capital Partners.
RKW is overseeing new Spoke-branded conversions in its home base of Charlotte and Georgia.
Hotel-to-multifamily
conversions gained steam during the pandemic as an efficient and cost-effective
way to address the housing affordability challenge. Blaze has been at the
forefront of the trend.
With intense demand for rental product in major metropolitan areas throughout the nation, such conversions are now considered a long-term solution.
“We are excited about this new partnership with Blaze, which is transforming former hotel properties into vibrant apartment communities,” RKW CEO Marcie Williams said.
“We are bullish on the viability of hotel-to-multifamily conversions. These Spoke-branded projects in Charlotte and Georgia are already generating tremendous pre-leasing interest.”
The four projects all involve the conversion of former extended-stay hotels.
In
Charlotte, RKW is actively leasing the Spoke at McCullough Station and Spoke at
Tyvola communities. Spoke at McCullough Station is a 124-unit community with
studio apartments and one-bedrooms next to the University of North
Carolina-Charlotte.
The Spoke at Tyvola is the repositioning of a hotel as a 116-unit community with studio, one and two-bedroom apartments. It is located within the Southwest submarket of Charlotte. Blaze acquired both Charlotte properties in 2021 and is investing several million dollars in capital improvements into the buildings.
In
Atlanta, Blaze is converting a hotel into the tech-oriented Spoke at Peachtree
Corners. Located within Atlanta TechPark, Blaze is making major interior
upgrades and incorporating smart-home and tech-based work-from-home space into
the 92-unit community.
Blaze is also converting a hotel in Savannah’s historic downtown district into the 106-unit Spoke Savannah, a garden-style community in one of Georgia’s fastest-growing markets.
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