America’s Affordability Crisis
In 2019, after working for two decades in different asset classes in the real estate industry, we recognized the exciting asset class of buying hotels and repositioning them as multifamily properties.
We quickly learned that the affordability crisis across the Southeast region where we operate runs much deeper than we realized. As of 2022, the US faces a shortage of 7 million rental homes, according to a National Low-Income Housing Coalition analysis.
Rapidly rising home buying and rent prices push low-income families and workforce housing out of the system. If this is the new reality and wages aren’t going up to keep pace with rent increases, where can people live so they can afford their rent payments every month?
We decided to help close this gap and prioritize improved housing access and affordability for low-income households through immediate and long-term investments. We began acquiring hotels in up-and-coming areas, and after implementing our conversion system, we turned them into vibrant multifamily communities. All of the properties fall under our Pace Living brand, a place our tenants call home.
We offer our tenants a structure they love, starting with a complete utility package. When a tenant signs a lease, they know they have only one bill a month — the rent. All utilities are included. They don’t need to deal with the headaches of contacting each utility company, submitting applications, paying deposits to each one, and handling ongoing issues that may arise during their lease period.
In selected communities, we also offer fully furnished units, so tenants don’t need to worry about buying furniture. In others, we feature on-demand amenities such as a fitness center, a pool, a Wi-Fi lounge, a business center, and more.
We began our Pace Living venture in South Carolina, and then expanded to Georgia and other states. This rapid growth convinced us to set a goal of introducing our properties to more cities, helping communities bridge the gap of affordability and find themselves and their loved ones in quality housing.