A private equity firm, Sage Investment Group, has announced it will spend more than a million dollars turning the Homewood Suites by Hilton in workforce apartments.
The Washington state-based firm is expecting to begin renovations to the hotel at 2747 N. Stemmons Freeway in January. The project is being handled by Element Architects, a Houston-based design firm and is expected to cost over $1.56 million with a completion date sometime in August.
The Sage Investment Group has made it their mission to address the affordable housing shortage in the United States via the conversion of hotels in the range of 100 to 200 rooms into apartments. Currently the company is in possession of 24 properties spread through five states. Renovation of properties to the point where they can be leased takes between six to 12 months.
Those offering banner printing services are frequently asked to supply Banners as signage to rent new developments and renovated properties prior to being finished.
According to the Hilton website, The Homewood Suites hotel was built in 1997 and contains 137 guest rooms along with four meeting rooms and over 2,300 square feet of event space.
Nationwide adaptive reuse projects are on the rise with Dallas being among the popular places for office-to-apartment conversions.
Over 3,100 apartments were anticipated to be created in the Dallas area this year from old office space.
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