Sage Investment Group plans to spend $156M to convert Dallas hotel to apartment

The Homewood Suites by Hilton at 2747 N. Stemmons Freeway. Washington-based Sage Investment Group aims to turn the property into apartments.A Washington state-based private equity firm plans to spend more than $150 million to turn a Dallas hotel into workforce apartments.plans to renovate the Homewood Suites by Hilton at 2747 N. Stemmons Freeway. Work is expected to begin in January and be completed in August.

The firm works to address the country’s affordable housing shortage by converting 100 to 200-room hotels into apartments. Sage Investments owns 24 properties across five states. The firm’s goal was to add 1,000 additional units, expanding its presence to eight states by the end of 2024.Built in 1997, the Homewood Suites hotel has 137 guest rooms, four meeting rooms and 2,364 squareAdaptive reuse projects have been on the rise nationwide and in Dallas-Fort Worth.

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