A project that involves the conversion of a former roadside motel to affordable housing for military families earned the 2024 CoStar Impact Award for sale/acquisition of the year for the Augusta/Richmond County, Georgia, market. The awards are judged by an independent panel of local industry professionals.
Pace Living in October acquired the former Ramada by Wyndham on Gordon Highway in Augusta for about $5.8 million from T.R. Management. Pace intends to invest $4.1 million to convert the former hotel into a multifamily property with some units classified as affordable.
The 148-room hotel opened in 1986 and is 8 miles from Augusta National Golf Club, home of the Masters golf tournament.
Pace Living and its parent company, Miami-based NHD Capital, have completed other hotel-to-apartment conversions, including Pace Village in Myrtle Beach, South Carolina, and Pace Landing in North Charleston, South Carolina.
About the Project: Pace Living and NHD Capital plan to renovate the former hotel into affordable housing marketed to soldiers stationed at nearby Fort Eisenhower, a U.S. Army base formerly known as Fort Gordon. The 87-square-mile base is home to the Army Signal Corps and the Army Cyber Command. About 18,000 military personnel are stationed at Fort Eisenhower.
What the Judges Said: "The transition from hotel to workforce housing servicing the military will have a large impact on 150 families," said Shaun Roberts, a commercial adviser at NAI G2 Commercial in Augusta.
They Made It Happen: Jacob Glover, director of operations, and Marlene Douglas, owner/broker, at Douglas Lane Real Estate Group. Roy Assaf, president, and Shai Schlusselberg, managing member, at Pace Living and NHD Capital. Jack Davis, Chase Dewese, Joe Simpson and Joce Messinger, investment advisers at the DDM Group unit of Marcus & Millichap, represented the seller, T.R. Management.