Arbor Lodging Launches ARLO Residential, a New Vertical Initially Aimed at Converting Properties into Multifamily Housing Solutions
Consistently on the cutting edge of the lodging industry and now recognizing the growing need for affordable living options throughout the country and beyond, this leading Chicago-based hotel investment and management company announces brand new multifamily venture
CHICAGO, Dec. 15, 2022 /PRNewswire-PRWeb/ -- Chicago-based hotel investment and management company, Arbor Lodging, is thrilled to announce its latest vertical, ARLO Residential. ARLO Residential, a subsidiary of the Arbor Lodging brand, seeks to develop and transform real estate around the country to address the housing affordability crisis, with an initial focus on converting properties ranging from hotels and office buildings into affordable living options. In doing so, ARLO Residential aims to transform spaces, support communities, and enhance livelihoods by bringing new life to buildings that are no longer viable and offer aid in the growing housing shortage.
"Being active real estate developers and operators for over 16 years, we believe ARLO Residential is the perfect segue into a new avenue that will help benefit a multitude of markets and residents of those respective cities," said CEO Vamsi Bonthala. "We have a unique familiarity in this market, particularly hotel products, and we hope using our current network to find significant deals with lenders and investors will give us the opportunity we need to make a positive impact on our communities throughout the country and worldwide. Further, our initial focus on the revitalization of existing buildings allows us to create viable housing communities in highly livable locations with a reduced environmental impact."
Hotels and office buildings have taken a major hit due to the repercussions and ramifications of the ongoing pandemic. Addressing the underutilization of these properties and working alongside community leaders and neighborhood partners in key multifamily markets, ARLO Residential will adapt and reuse properties to help build up communities with an undersupply of housing due to lack of supply and rental housing becoming more expensive.
To officially kick off this new venture, ARLO Residential has entered the Denver market. Earlier this year, in a joint venture with Bridge Investment Group, one of the nation's largest real estate private equity fund managers, an ARLO Residential affiliate acquired the former Radisson Hotel Denver-Aurora. Upon completion of renovation work next year, ARLO Residential will convert the 440-room hotel into an apartment community that will be known as "ARLO at Nine Mile Station" and consist of 331 apartments with a mix of 2-bedroom, 1-bedroom, and studio units and high-quality amenities that include co-working space, pool, fitness center, community center, package delivery room, parking garage, and with much more in planning. ARLO at Nine Mile Station will be proximate to the Nine Mile Station RTD light rail station and the redeveloped The Pointe at Nine Mile Station, a mixed-use development that includes a new King Soopers supermarket, additional new retail tenants, and public space, with additional office retail, dining, and housing under development. ARLO at Nine Mile Station will be centrally located near Denver Tech Center, Fitzsimmons/Anshchutz Medical Center, downtown Denver, and Denver International Airport.
To learn more about ARLO Residential or to get involved, please visit http://www.ArloResidential.com. Follow Arbor Lodging on LinkedIn and Facebook for the latest updates.
ARLO RESIDENTIAL
ARLO Residential is a new vertical for Arbor Lodging, a Chicago-based national owner and operator of hotels. ARLO Residential is committed to transforming and developing real estate around the country to address the housing affordability crisis, with an initial intention and purpose of helping alleviate the housing shortage, supporting communities, enhancing livelihoods, and reducing environmental impact through the conversion of underutilized properties into multifamily housing options that target the needs and demands of each community.
Arbor Lodging was founded in 2006 with the goal of uniting the best practices of enterprising hotel operators and sophisticated institutional investors to effectively underwrite and execute investments in the lodging space. Arbor Lodging Partners makes investments in hotels, acquires loans secured by hotels and, through its affiliate Arbor Lodging Management, manages operations for its own hotels and those owned by third parties.
Media Contact
Kathy Bryja, Heron Agency, 1 773-969-5200, [email protected]
SOURCE Arbor Lodging
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