Welcome to GoodHomes: Company celebrates opening the first of two attainable housing projects in Fayetteville
By Faith Hatton, posted Nov 7, 2024 on BizFayetteville.com
Owen Drive in central Fayetteville. Now, long term residents have begun moving in. Photo by GFBJ.
After two years of renovation, new life has been brought to what was previously a Ramada Plaza & Baymont Inn & Suites located at 1707 Owen Drive in central Fayetteville.
Vehicles and moving vans now line the parking lot, and new residents can be seen coming and going in and out of the once vacant building.
This is the result of GoodHomes Communities, a vertically integrated, private real estate investment company focused on acquiring well-located, under-performing hospitality and senior housing assets and converting them into essential housing for America’s workforce.
Since starting in 2021, GoodHomes Communities has brought a fresh, contemporary take on apartment living to 11 markets including Groton, Connecticut, Detroit, Michigan and now, Fayetteville, North Carolina which includes the now open GoodHomes Bordeaux and GoodHomes Cedar Creek expected to open in early 2025.
The key goal of the company, according to Leila Rosenberg, a principal at GoodHomes, is to bring attainable housing to communities seeing a lack of affordable housing options for middle class workers.
“Fayetteville was actually one of the first markets that came to our plate. We had a couple of hotels that were sent to us in the market. We visited a lot, did extensive research and met with a lot of the local stakeholders there, and it was very clear that there was this type of housing shortage there, and there was a great need for housing that was at more attainable rents than what is currently being offered in the market,” shared Rosenberg.
With its first of two completed projects now accepting leases in the area, the GoodHomes Bordeaux is an example of taking something old and making it new and giving it a new purpose. Originally a 298-room hotel, the entire space has been renovated into a mix of 205 large studio apartments and 50 one-bedroom units with rental rates that range from $895 to $1,000 a month.
Rosenberg shared that the location of the building was perfect to meet the housing needs of Fayetteville’s working class.
“We love the market, we love the proximity to Fort Liberty. This particular property, GoodHomes Bordeaux, is right across the street from Cape Fear Medical Center, which is super important, and sort of like the backbone of Fayetteville. We wanted to kind of solve that, that housing shortage for this particular market,” said Rosenberg. “We decided to double down here and really invest in the market, invest in these properties. And that was almost two and a half years ago, so [we’re] really excited that it's finally come to fruition.”
A key goal of GoodHomes is to make use of all of the space in the building and use it as a chance to create a sense of community within their buildings.
Because GoodHomes Communities focused on repurposing space instead of building new, residents at the GoodHomes Bordeaux are able to enjoy amenities that can be found in most hotels including balconies, a clubhouse/game room, co-working space, fitness & wellness center, tenant storage room and an onsite restaurant, Uptowns Chicken N’ Waffles.
The property also features a pool, BBQ / picnic area, as well as expansive meeting space that will be converted into additional amenities. Even the 60,000 square-foot former convention center which may not be used in day-to-day living for long term housing residents on the property has found a new life.
“We’re very excited that the Cape Fear Regional Theatre has taken the top floor of the hotel, which was previously the convention center, and they’ve built out a full theater up there. They’re starting shows in the beginning of November. So we think that that’s a great amenity, both for tenants and locals to bring people to the site,” shared Rosenberg. “Our thought is, you kind of have everything under one roof. You can live in the apartments at GoodHomes Bordeaux, come down to use the clubhouse game room, get a bite to eat at Uptowns and then go see a show at the theater. So we’re sort of trying to create this whole “LiveWork-Vibe” community there, and that’s what we’re doing across the board."
The GoodHomes Bordeaux is now accepting new tenants. Learn more about the property, unit sizes, rates and more online at goodhomesbordeaux. com or call (910) 635-0251.
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