Residence Apartments represented a rare and unique opportunity to acquire an REO asset well below replacement cost. Residence was built in 1983 as a multifamily property, but later repositioned by a former owner to service the hospitality industry as Residence Inn by Marriott.
Virtú’s strategy was to modify the extended stay hotel use to once again be appealing as a multifamily asset as well as complete a lease up of the asset.
Virtú executed a $757,000 renovation ($6,000/unit) as part of the value-add strategy.
The renovation plan included updating the office area, adding a club room, remodeling the fitness facility, individually mapping and metering the units, as well as completing some exterior building painting. Interior renovations included new faux-wood flooring and carpet, upgraded paint and fixtures.
- Successful conversion
Stoneridge Apartments represented a successful conversion of an aging extended-stay hotel into a Class B apartment property.