DUBLIN, OHIO (March 16, 2022) — Fairway America, a Portland-based real estate investment manager, is pleased to announce the purchase of its latest distressed hospitality-to-workforce housing conversion acquisition, a 92-room Cloverleaf Suites located at 4130 Tuller Road in Dublin, Ohio. The company bought the Columbus metro-area property with co-manager Vivo Living and intends to convert it to affordable multifamily units targeting workforce income rents.
The acquisition will be the 19th investment the co-managers have acquired as part of a strategy to convert functionally obsolete, limited-service and extended-stay hotels in markets with few affordable housing options and convert them into affordable apartments.
“With the acquisition of the Cloverleaf Suites in Dublin, OH, we’re aggressively expanding our workforce housing strategies, specifically our distressed hospitality applications, into new markets with strong underlying fundamentals and a real need for safe, affordable housing options,” said Adrian Boly, Fairway’s president and head of investment. “The country has a significant undersupply of affordable housing, and rather than divert new resources to costly new housing developments, Fairway America and its partners aim to create value by repurposing existing improvements as a critical part of the housing supply solution. It will take many different styles of housing to solve this demand gap, and Fairway is proud to be at the forefront with its partner Vivo Living.”
The asset comprises 92 rooms originally developed as multifamily units in a desirable submarket of the Columbus market near several shopping centers and the Ohio State University campus. The co-managers believe this property is well-suited for their investment strategy, which is intended to help meet the ample demand for housing as the hospitality industry continues to evolve.
