Drever Atelier Partners Brings Affordable Multi-Family Community To Branson
The development team announces the purchase of Angel Inn - by the Strip and introduces its transformation into The Penleigh - Branson Row
BRANSON, Mo., Aug. 30, 2021 /PRNewswire/ -- With workforce apartments desperately needed, Drever Atelier Partners announces the closing of its purchase of Angel Inn – by the Strip - a broken hotel located at 76 Country Blvd in Branson, Missouri. With Drever Atelier Partners' transformational signature enhancements, work will begin immediately to create 324 attractive and energy-efficient apartments. The new multi-family community will be named The Penleigh - Branson Row.
"Drever Atelier Partners, with five decades of experience, is known for their expertise in transforming once 'broken' apartment complexes," said Jonas Arjes, Executive Vice President/Chief Economic Development Officer of Taney County Partnership. "Their vision for The Penleigh is to deliver a residential community that is affordable, safe and a welcoming place for their residents to call home while also offering convenient programs and incentives helpful for single working parents."
"We realize the Drever Atelier Partners team is being actively pursued by other cities with closed hotels and appreciate that they have chosen to do this redevelopment in Branson. The property will be a positive, impactful addition for our community and the businesses that serve our residents and millions of visitors."
Originally built in 1994, the former 342-room hotel will undergo a full renovation to include three resident lounges, fitness center, children's playground, swimming pool with two hot tubs, resort-style cabanas and a pavilion with commercial grills for residents. The apartment building will be pet-friendly with an on-site pet park and affordable pet concierge.
"We are looking forward to transforming this closed hotel into a thriving residential community and would like to do more in Branson," said Galen Drever, Managing Director with Drever Atelier Partners.
To enrich residents' lives and provide support to single working parents, The Penleigh offers monthly rent rates around $600 and incentives for early payment, free after school tutoring, and other affordable social and fitness programs.
"I've had higher priced offers to sell the Angel Inn - by the Strip property in the past to operators that I knew would create weekly hotels that would damage Branson's image and be unsafe for families with children," said Jerry Emery, former owner of the property. "We made the choice to sell the property to Galen and Maxwell Drever because we believed they would successfully convert the hotel into an apartment community that would create a safe and thriving addition to the city."
The expanding Branson economy and constrained housing supply led to Drever Atelier Partners choosing the market for two adaptive reuse projects. Current rental vacancy rates in the area are in the range of 1% for both studio and one-bedroom units, which will be the majority of the supply at The Penleigh - Branson Row.
With Drever Atelier Partners' fast track enhancements, the community is scheduled to be complete and open for residents in early 2022.
For more information please contact Rich Kleck, Acquisitions Manager, at [email protected] / 480.208.6245
Drever Atelier Partners:
The Drever Atelier Partners team with 47,000+ workforce multifamily units and $3.2 billion in redevelopments over five decades in 20 primary markets is noted by some peers and institutional investors for their unparalleled transformation expertise coupled with resident centric and life enriching services.
Media Contact:
Culver Public Relations
Allison Rhodes
[email protected]
214.352.5980
SOURCE Drever Atelier Partners
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