GoodHomes Communities is looking for more…more underperforming hotels to turn into apartments in the Greensboro, Winston-Salem, and High Point area. The company is currently planning to convert the former OYO Burlington Hotel South, located on Maple Avenue, into an apartment community called OYO GoodHomes, which will have 135 studio residential units. The company recently received a $9.41 million construction loan from Forman Capital. Units are expected to be available for $900 per month.

The Triad Business Journal reports the developer currently has two properties in the works in Fayetteville. The first is GoodHomes Bordeaux, a 255-unit apartment conversion of a former 298-room Ramada Plaza & Baymont Inn & Suites, which consists of two residential buildings connected by a 60,000-square-foot former convention center.

The other property is a former Clarion that is being turned into GoodHomes Cedar Creek, a 201-unit apartment community with one-bedrooms and oversized studio units. Both properties were acquired in June 2023 and are expected to be completed in the second quarter of 2024.

Forman Capital provided a $9.41 million construction loan to a developer who will convert a vacant hotel into an apartment community. GoodHomes Communities will soon begin construction on a 5.25-acre site located at 2444 Maple Ave. in Burlington, N.C. Ben Jacobson, Scott Mehlman and Ty Regnier originated the debt on behalf of Forman Capital. 

GoodHomes is planning to convert 131 rooms at the hotel into 135 studio residential units.  OYO GoodHomes, as the new community will be called, will offer amenities, including a renovated swimming pool, fitness center, game room and storage space.  Rent is expected to be approximately $900 per month, which is well below average prices in nearby markets. 

Additional square footage will be available to lease to a commercial user.   

OYO is located near the I-85/40 interchange, providing commuters with access to major employers in and near Greensboro-Winston-Salem and Raleigh-Durham.