Author: Jake Keado

Converting a motel into apartments sounds like a construction story — new kitchens, new bathrooms, new flooring. But before any of that can start, someone has to answer a simpler question: what do you do with everything that’s already inside?

At the former Blue Spruce Inn & Suites — soon to be Orchard View Apartments — that meant clearing out a full bedroom set from every single motel unit: beds, dressers, nightstands, all of it. Multiply that by every room in the former hospitality wing, and it’s not a trip to the dump, it’s a logistics problem.

We didn’t want it to be a dumpster problem, either. Most of what we pulled out of those rooms was still perfectly usable — just not what a new residential unit needs. So instead of hauling it to a landfill, we looked for a way to put it back to work.

Enter the Capital Region Furniture Bank

The Capital Region Furniture Bank, run by the Homeless and Travelers Aid Society (HATAS) in Albany, exists to do exactly what its name suggests: get gently used furniture into the hands of families and individuals who are rebuilding stable housing across the Capital Region. People referred through partner agencies come in and furnish a new home — a couch, a bed frame, a kitchen table — instead of starting from an empty apartment.

There was something fitting about the match. We were in the business of turning a property with almost no usable housing into 52 apartments for a market that badly needs them. The Furniture Bank was in the business of turning donated furniture into homes for families who needed exactly that. Two organizations solving a housing problem from opposite ends, meeting in the middle of a motel parking lot.

Their team came out and picked up the bedroom sets from every motel unit on the property — beds, side tables, dressers — furniture that would otherwise have added to a dumpster instead of a household.

Staying On Schedule

Clearing rooms isn’t just good for the landfill — it’s on the critical path. Construction can’t start on a unit until it’s empty, and a motel full of bedroom sets doesn’t empty itself. Having a partner ready to take that furniture off our hands, unit by unit, kept demolition and renovation moving without a bottleneck sitting in the hallway.

As our team put it:

We were thrilled to find a home for all of the furniture we inherited. The Furniture Bank played an integral part in the team completing the 11-unit building on-time.

Why It Mattered

This is a small piece of the Blue Spruce story compared to the renovation numbers or the unit count, but it’s the kind of detail that adds up. Furniture that would have cost us to dispose of instead went to families setting up a home of their own. A construction schedule stayed intact because a local nonprofit showed up and did the hauling. And a property that’s becoming much-needed housing got there a little faster because of it.

We’ll keep sharing updates as Blue Spruce/Orchard View continues to take shape — more to come as construction progresses.

Hi y’all,

As I mentioned las month, I’m coming on here monthly to give a look at the investments shaping the region we call home. Last month we laid out our thesis: growth across the Empire State is pushing private and government dollars into the Capital Region, and we’re tracking the stories that prove it out. Here’s what’s moved the needle in the last 30 days.

In Washington County, Delcath Systems—a biotech firm focused on treating forms of cancer— is expanding its headquarters just minutes from downtown Glens Falls. More jobs anchored near our existing assets are protection for these investments; and a reason to double down.

Down in Saratoga Springs, the multifamily pipeline keeps growing. As we mentioned last month, Regeneron, IBM, and GlobalFoundries are bringing thousands of jobs to the region—and developers like ourselves are racing to keep pace. Another 300 unit development was approved in Stillwater with hopes to break down in the new year.

CG Construction is putting the finishing touches on Glens Falls Hospital, wrapping up the final stages of the project in the upcoming months. They’re not slowing down, either—groundbreaking is already underway on a 7Brew and a Chick-fil-A, both signs that the team over at CG is versatile, robust, and just what we need to take our upcoming developments at Green Springs.

More to come next month—stay tuned!

Hi y’all,

I’m starting a newsletter series with a different focus: highlighting the recent investments shaping the area we call home. In our lane, we see plenty of private and government dollars flowing into development—all in response to the continued growth across the Empire State. By giving you a glimpse into the market and compiling some of these stories, I hope to explain our thesis and why we believe in the Capital Region.

The Capital Region’s commercial real estate market has kept a steady pace through 2026: several new developments announced, trading activity returning to normal levels, and five-plus master-planned projects breaking ground this year. Developers are racing to keep up with anticipated housing demand.

Regeneron Pharmaceuticals announced a $2B expansion into Saratoga Springs after acquiring the former Quad Graphics HQ in 2024. IBM and GlobalFoundries have announced over $5B in combined investments as well. Thousands of jobs are being created, with one problem: not enough housing supply. That’s where we come in. Our team has ramped up acquisitions efforts as we look to add an additional 100 units to the portfolio before the end of 2026!

We finally closed on Blue Spruce Inn & Suites, but we’ve been quiet about our next project—news to come soon!

-Jake

Your Retirement Account Could Fund Your Next Deal — Without Touching Your Savings

If you’re already investing with us—or are keeping in the loop with us—you know why we like real, income-producing real estate. But here’s something I find most investors don’t know until I bring it up myself: there’s a way to get into our next deal without pulling a dollar from your checking account or your savings.

It’s called a self-directed IRA. I’d bet it’s sitting on your list of “things I should look into eventually” — so let’s actually look into it.

Your Retirement Money Is More Flexible Than You Think

Here’s the thing that surprises people every time I explain it: the IRS doesn’t limit your IRA to stocks, bonds, and mutual funds. That’s just how your brokerage set things up, because that’s the business they’re in. Nothing in the tax code says your retirement dollars have to stay parked in the market.

A self-directed IRA lets you take that same retirement money — the kind that’s been quietly riding out every market swing for years — and point it toward something else entirely: real estate.

So if you’ve ever watched your 401(k) or IRA balance dip and thought, “I’d rather have this in something I can actually see and touch,” this is how you do that. You’re not adding new money. You’re redirecting money you already have.

Why Our Upcoming Deal is Perfect for this Strategy

You already understand how our deals work, so I won’t belabor it: we pool capital from partners like yourself to acquire and restore a historic property — the kind of building that can’t be built again at today’s construction costs, and one that often carries incentives like grants and tax credits that reduce the cost basis for our partners. We handle the rehab, operations, & compliance. You stay hands-off — you do your homework up front, then let it play out.

Here’s what most people don’t realize: your IRA can be one of those investors, right alongside your personal capital. The money just comes from a different account. Any returns flow back into the IRA, tax-advantaged, same as they always were — just growing in a building with real downside protection instead of the market.

It’s Genuinely Easier Than It Sounds

I get why “self-directed IRA” sounds like a headache. It isn’t, really. You open a self-directed IRA with a custodian who specializes in this, roll funds over from an existing retirement account, and then direct that account to invest in our deal. The custodian handles the compliance and paperwork — you’re not the one filing anything unusual with the IRS. You just make the decision and sign where they tell you to.

If you’ve liked what we do so far and have been wondering how to put your retirement dollars to work here, this is that door.

Let’s Talk Before This Fills Up

I can’t share every detail on the upcoming deal yet, but I can tell you this: if you want to fund your spot with a self-directed IRA, the transfer takes some lead time to set up properly. So if that’s the route you’re considering, now’s the moment to start that conversation — not after the deal opens.

Reach out and I’ll walk you through whether this makes sense for you and how to get your funds positioned before we open things up.

-Jake

Director, Capital & Investor Relations