LIHI Acquires Former Lakewood Hotel for $20M Mark Nieto on March 3, 2023 at 3:13 pm – Robert Khodadadian

The shuttered Candlewood Suites in Lakewood, WA has a new role, thanks to the Low Income Housing Institute (LIHI) which has purchased the former hotel for $20.2 million. The non-profit organization will convert the 83-room property to Maureen Howard Place, an enhanced shelter for people experiencing homelessness in Pierce County.

Funding for the acquisition comes from the state Department of Commerce Right-of-Way Program, which will be referring homeless people camping along state right-of-ways in Pierce County to the shelter.

The property, which is named in honor of homeless people advocate Maureen Howard who passed away in January, will house approximately 85 people and each room includes a bed, living space, bathroom and kitchen. Six units will be converted into case management offices and community space, with staff on-site 24-hours a day. LIHI Case managers will also help residents obtain permanent housing and employment. 

LIHI expects the first residents to arrive in May.

The post LIHI Acquires Former Lakewood Hotel for $20M appeared first on Connect CRE.

The shuttered Candlewood Suites in Lakewood, WA has a new role, thanks to the Low Income Housing Institute (LIHI) which has purchased the former hotel for $20.2 million. The non-profit organization will convert the 83-room property to Maureen Howard Place, an enhanced shelter for people experiencing homelessness in Pierce County. Funding for the acquisition comes …
The post LIHI Acquires Former Lakewood Hotel for $20M appeared first on Connect CRE.   

Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.

robert khodadadian, properties, commercial real estate, real estate, daniel shirazi, real estate investment, new york real estate,

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