Servio Capital will soon convert the former Garden Plaza Hotel and Conference Center into Acadiana Crossing, an affordable housing apartment complex. With Amazon opening in Carencro and a new medical supply company relocating to Lafayette, more housing is needed in the region.
“Lafayette is looking at positive migration of 5000 to 15,000 people in the next five years, and there is a big need for affordable housing,”
said Ryan Enk, CEO of Servio Capital.
Enk explains their goal with affordable housing is to make it social, affordable, and profitable for investors.
“We take a space like this and convert the ballroom into storage. We are going to take the kitchen and convert it into an indoor movie theatre and game room. We have a pool and a fitness facility, so it’s just going to be an amenity-rich place for someone to live.”
Enk says the vacancy rate across the country is about 10% right now. However, in Lafayette, it’s at 4%. Developers are scrambling to build more properties quickly enough.
“Lumber has skyrocketed, and a lot of these big companies that are making houses has stopped because they cannot affordably create a new product,” Enk said. “We can come into a place like this that would otherwise be blighted or become a landfill, and we can come and revitalize the property and fill that niche of affordable housing.”
The prices for Acadiana Crossing are not yet finalized, but a look at the Lafayette market reveals prices ranging from around $650 for a studio apartment to $850 for a two-bedroom. According to Enk, the units will be priced similarly to other complexes, although they will be more amenity-rich.
Within six months, Servio CapitaL should complete the project.