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There’s no secret we have a housing shortage in this county and the problem will persist as it stays prohibitive to build new housing units for a number of reasons. This is one of the factors that’s contributed to the trend towards converting older motels into garden style apartments. Ross Hubbard, Co-founder of Sage Investment Group, has been acquiring older motels from the 80’s and 90’s and converting them into studio apartments with hotel-like amenity packages for people who sometimes have difficulty affording basic workforce housing. He’s been successful creating partnerships with agencies who subsidize housing for different groups of dispossessed citizens. Ross is repositioning these assets and achieving 90% + occupancy rates and cash-on-cash returns in the mid-teens. He’s helping solve the problem of an affordable housing shortage and also getting big returns for his investors.
