Vivo Investments, LLC — a CA-based private real estate investment and property management company that specializes in converting low-demand hotels to efficiency apartment complexes — has acquired a two-tower hotel asset located in downtown Baltimore for conversion into 708 family units.

Parkview Financial provided a $45-million loan for the project, which includes acquisition of the vacant property that previously served as a dual-branded Radisson and Holiday Inn.

“We believe that as renters get priced out of more expensive nearby cities such as neighboring Washington DC, this project will attract young renters looking for like-new, but affordable units in a prime location of downtown Baltimore,” said Paul Rahimian, CEO and founder of Parkview Financial.

The property consists of two buildings, one 23 stories and the other 27 stories, that together total 448,516 square feet and includes 275 parking spaces. The property will be converted studio, one- and two-bedroom units and offer multifamily-centric amentities.

Vivo Investments, LLC has converted 21 low-demand hotels to apartment assets nationwide.