Type: Hospitality and Multifamily
In late 2007 Accord formed a company to acquire an 850-residence apartment community that includes over 350 full-service corporate apartments, situated on 50acres with 2 lakes, and full resort amenities including restaurant, spa, masseur, and a 30,000 sq.ft. fitness center. Debt funding was provided by CIT Lending Services, and equity funding was provided by Accord principals and RCG LV DEBT IV REIT, L.P. Complete interior and exterior renovations were completed in 2008, and the property enjoys above average occupancies and rates. This combined residential/hospitality business model, perfected on this property, serves as the cornerstone for future developments in cities with a high concentration of government, medical, student, event and corporate housing needs.