Parallel 49 Apartments

The Islands Inn was a 36-room boutique hotel with a 2,500 SF commercial space. In July of 2022, the property was purchased with the plan of converting the hospitality into multifamily over a year-long timeline. Two additional units were created from previous amenity and storage areas. The commercial space that consisted of a restaurant and a previous front desk area had been partitioned off for a new live / work unit.

In July of 2023, the project had received a Certificate of Occupancy. The investors plan to receive a cash-out after a bank-ordered appraisal. Looking forward the Team will hold for a 3 - 7 year period of time under the “construction to perm” fixed rate loan.