The Congress Hotel Redevelopment is an ideal value add investment as currently entitled for 178 Multifamily units, great location and size of the property. In addition, there are many meeting spaces that allow for changes to the configuration and count of 1 and 2 bedrooms to this property.
The Occupancy and Rent in this market are strong and will allow this property, once completed, to stabilize quickly. The visibility from I-85 with signage is a tremendous plus. Easy walking distance to the nearby Farmer's Market and plaza of retail options make it perfect for tenant's to stay here.
As the economic environment shows someheadwinds ahead, the rental market will continue to grow. High interest rates are making it difficult to buy a home in the near term, but make it an ideal time to own an apartment complex which could open very quickly.