Veteran Services USA (VSUSA) and Lockwood Asset Management have completed the acquisition of ten properties across the US for about $225m.
The company intends to convert the 1.6 million ft2 area across the ten cities into mixed-use properties.
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The ten locations include Austin and Houston in Texas, Dayton in Ohio, Trenton in New Jersey, Tulsa in Oklahoma, Memphis in Tennessee, Jackson in Mississippi, Orlando in Florida, Reading in Pennsylvania and Marietta in Georgia.
VSUSA plans to redesign and convert the existing buildings into mixed-use properties with separate one-bedroom residential apartments and studio for veterans aged 55 and above living on a fixed income.
Lockwood Asset Management developer and project partner Charles Everhardt said: “Repurposing vacant properties is an economic driver for sustainability across the nation.
“Our adaptive reuse model will energize shuttered hotels, hospitals and shopping malls developing new uses such as living spaces, educational facilities and community anchors.
“A hotel’s structure, with abundant plumbing and easy-to-move walls, makes it more cost-effective to convert to living quarters when compared to developing a new property.
“In turn, our senior Veterans benefit from affordable residential options, including hotel style amenities, while also ‘right-sizing’ vacant buildings that have not kept up with demand for the specific needs of growing communities.”
Additionally, VSUSA stated that the SarahCare will lease the space for new SarahCare facilities at several locations.
It also noted that the large-scale, existing kitchen facilities in the buildings will also be made available for lease to any restaurateur or chef seeking to expand their food business.
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Veteran Services USA intends to convert the 1.6 million ft2 area across ten cities into mixed-use properties. Credit: Alex Banner from Pixabay.
