REPVBLIK PURCHASES TWO RENO AREA MOTEL 6 PROPERTIES FOR ADAPTIVE REUSE

Redevelopment to Create 239 Affordable Workforce Housing Units

Privately Funded Project Latest for Repvblik's Nationwide Adaptive Reuse Expertise Using No Federal Funding, No Tax Credits  

RENO, Nev., June 2, 2022 /PRNewswire/ -- Repvblik LLC -- the nationwide leader in privately funded marketplace solutions to create workforce, student, and senior housing through adaptive reuse of distressed real estate -- today announced the purchase of two existing Motel 6 properties in Reno and unveiled plans to convert them to much-needed workforce housing.

Repvblik plans to fully renovate and repurpose both motel properties into a total of 239 affordable studio housing units ready for occupancy at both locations in 2023.   

The two existing Motel 6 properties – one located at 1901 South Virginia Street in midtown Reno and the second at 1400 Stardust Street in northwest Reno – are currently winding down operations.  Purchase price for the properties was not disclosed.   The project permitting process with the City of Reno will begin in the coming weeks.

"We are incredibly grateful to Repvblik for bringing much-needed workforce housing to The Biggest Little City," Reno Mayor Hillary Schieve said. "Many of our service workers are in a tough spot because their salary is not enough to qualify for a mortgage, but yet they make too much to qualify for financial assistance. More workforce housing will allow us to fill that gap. We want these folks to be able to live in the same city they work, and not have affordability be a barrier to that."

"Reno city officials at every level have been great to work with on this project," said Richard Rubin, Founder & CEO of Repvblik.  "Reno clearly recognizes the need and are prioritizing affordable housing for their growing economy."

Renovation and construction will commence once all permits and approvals are in-hand and is expected to include façade renovation, pool area updates, onsite laundry addition, parking lot refinishing, upgrades to interior fixtures and finishes, kitchenettes, and landscaping and greenspace.

WelcomeLend arranged financing for this project.  The transaction closed in early May and construction is expected to take six to eight months. 

Repvblik is leading in the nationwide trend of adaptive reuse real estate development without the use of any federal funds.

"Repvblik is working in cities and towns nationwide on adaptive reuse projects to transform underutilized, distressed properties into quality, productive, and appropriate developments that meet the demands of local market economies and communities," said Rubin. 

Recent Repvblik projects include:

• Adaptive reuse of an existing hotel, banquet center, and waterpark in Sterling Heights, MI into 213 apartments.
• Privately funded project to create 150 quality workforce housing units from a shuttered Ramada Inn property in Sheffield, AL.
• Conversion of a former Days Inn Property in Branson, MO, to the largest affordable, workforce-targeted housing project in the U.S.

Repvblik is an independent property developer and a pioneer in non-federally funded, non-LIHTC (Low Income Housing Tax Credit) commercial marketplace solutions to achieve quality workforce housing, affording student housing, and 55-plus senior housing through adaptive reuse in communities nationwide.

Repvblik was formed in 2018 and is principally owned by PK Companies, LLC, and Richard Rubin.  PK Companies is a strategic investor in Repvblik and shares a common principal in Chris Potterpin.  Based in Okemos, MI, PK is committed to creating partnerships that provide housing solutions to better fulfill the needs of their communities, and it strives to add value to the areas that it serves to enrich the lives of their residents.  PK's portfolio now consists of completed projects and managed properties in Michigan, Indiana, Ohio, North Carolina, Missouri, Texas, and California.

MEDIA CONTACT:
Matt Yemma
Peaks Strategies
myemma@PeaksStrategies.com
(909) 633 9396

View original content:https://www.prnewswire.com/news-releases/repvblik-purchases-two-reno-area-motel-6-properties-for-adaptive-reuse-301559768.html

SOURCE Repvblik