Texas CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
SA Hotel Converting to 220 Apartment Units
The San Antonio Housing Trust is working with GoodHomes Communities to convert an urban core hotel to residential use. The San Antonio Business Journal reports the team wants to convert the Sonesta ES Suites at 425 Bonham to The Whitney, a 220-unit apartment complex.
The Housing Trust is launching a targeted effort to acquire and convert extended-stay hotels to accommodate more permanent residents. Due to larger layouts and kitchenettes, extended stay hotels are favored by the trust over standard hotel rooms.
The agreement suggests the property could sell for about $59.5 million after 10 years as a multifamily property. About half of the units would be reserved for tenants making 40% to 80% of the area median income (AMI), with the rest at market rate.
- ◦Development
