Drever Atelier Partners closed its purchase of Angel Inn – by the Strip, a broken hotel at 76 Country Blvd. in Branson, Missouri.
Work will begin immediately to create 324 attractive and energy-efficient apartments on the site. 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.”
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.
The Penleigh will offer 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 motels 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 motel 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 percent 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.
