Vivo Investments, a company with a solid commitment to repurposing existing structures and fostering local communities, revealed its most significant acquisition to date – the procurement of 587 units spread across five Extended Stay America hotels situated in Charlotte, Durham, and Raleigh, North Carolina.
The company's branch, Vivo Living, which focuses on transforming underused hotels into residential apartments, was established in 2020. What sets Vivo apart from other developers in the same niche is its ability to create affordable housing while maintaining luxurious amenities from unused hotel spaces. Vivo uses structurally sound buildings and repurposes them in an eco-friendly manner, providing residents with a more engaging, luxurious place to live compared to the average affordable housing community.
Hotel properties come with great amenities and common spaces made for socializing. Our residents enjoy access to high-speed WiFi, coworking space, self-storage, fitness centers, clubhouses, pools, lounges and barbecues — amenities typically found only in the most luxurious and expensive apartment complexes. Residents not only get to save money but they have a place to hang out with friends, colleagues and family members.Dan Norville, Vivo Investments' Founder & CEO
North Carolina's thriving economy and increasing demand for sustainable housing solutions make it an ideal location for this transformative project. This significant acquisition represents a substantial step toward addressing the area's housing shortage by transforming these properties into affordably priced rental apartment buildings.
Sustainability is a top priority for Vivo Living: instead of demolishing vacant hotels and constructing new affordable properties, the company renovates these buildings, reducing construction and the pollution it creates. By choosing to renovate instead of demolishing, Vivo Living has saved an average of 4,118 tons of landfill waste per building. Vivo also reduced electricity and water usage by installing low-flow plumbing and LED lighting.
According to Norville, this approach aligns with Vivo's objective to develop communities that serve as living spaces and opportunities for growth for residents and the surrounding neighborhoods.
The Group's dedication to resourceful and sustainable redevelopment practices, such as hotel-to-residential remodels, goes beyond being a business strategy. It signifies a commitment to meeting the housing needs of individuals, communities, and cities by providing access to quality housing and nurturing a sense of community spirit.