Two budget motels in the West Sugar Creek area are being converted into studio apartments with rents starting at about $1,000 — a rarity in Charlotte.
Why it matters: The conversions replace crime-linked motels with much-needed, organically affordable housing in northeast Charlotte, a roughly 20-minute drive to Uptown.
The latest: This is Washington-based Sage Investment Group’s first adaptive reuse conversion project in Charlotte. The Charlie Apartments is beginning leasing at the end of September.
- Construction began at the former Rodeway Inn and Speedway Inn in January and is expected to be completed by the end of the year.
By the numbers: The floor plans range from 298 to 673 square feet and rent for $1,070 to $1,299, plus fees for pest control, cable and internet.
- Units under $1,000 a month are disappearing in America, declining by around 30% over the past decade, per a Harvard report.
Between the lines: Converting motels into housing is a fast and relatively low-cost process, making it an attractive investment. The motels already come with amenities like pools and gyms…