ARLO Residential to Convert Aurora Hotel into Affordable Housing
Chicago-based hotel investment and management company, Arbor Lodging, recently announced the launch of its latest vertical, ARLO Residential, that is focused on converting properties ranging from hotels and office buildings into affordable living options. To officially kick off this new venture, the company has entered the Denver market. In a joint venture with Bridge Investment Group, an ARLO Residential affiliate acquired the former Radisson Hotel Denver-Aurora. ARLO will convert the 440-room hotel into an apartment community that will be known as “ARLO at Nine Mile Station.”
“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.”
The new community will 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.
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.