Full due diligence · Step 8 of 10 · 15 min
Learn about Sage’s upcoming acquisitions
See where new capital is headed: six conversions across New Jersey, Florida and California.
Monmouth Junction, NJ
Former Days Inn becoming 115 apartments. The township created a redevelopment zone that permits the conversion by right.
Boca Raton, FL
Former Holiday Inn & Suites becoming 125 apartments plus retail. The city approved the conversion in May 2026, near I-95 and the Tri-Rail station.
Cherry Hill, NJ
Former Residence Inn becoming 96 apartments. Suites already have full kitchens, keeping renovation costs low.
Parsippany, NJ
108 apartments in northern New Jersey. [One line on the property and business plan.]
Oakland, CA
110 apartments in the Bay Area. [One line on the property and business plan.]
Carlsbad, CA
162 apartments in coastal San Diego County. [One line on the property and business plan.]
Target IRRs are deal-level projections. They aren’t a forecast of any investor’s return in SIG26, which also depends on fees, the profits interest and fund expenses.
How we pick our next project
Sage looks for economy and midscale hotels, typically built between 1950 and 1990 with 100 or more rooms, sourced off-market by seven acquisition specialists. A deal must show post-renovation value more than 40% above its cost basis. Every deal goes to the investment committee twice: once before signing a purchase agreement, and again after 90 to 120 days of diligence for a final go or no-go. Sage has walked away from deals after months of diligence when surprises like impact fees or fire sprinkler costs broke the numbers.