Mission

Frank Saul III, real estate entrepreneur, founded Saul Urban in 2013 to pursue innovative real estate projects responding to the growing demographic trends in multifamily housing.

 

Frank’s newest venture is the Lodging to Living Fund, dedicated to helping solve America’s middle income housing shortage by acquiring distressed hotels to reconfigure and convert them to full-size, market-rate apartments priced for workforce renters.

Saul Urban Lodging to Living Fund

A value-add real estate fund dedicated to addressing the systemic shortage of middle-income housing by converting distressed hotels into rental apartments.

For decades, the United States has faced a chronic shortage of middle-income housing. Due to the high cost of ground-up construction, this shortfall is expected to grow for the foreseeable future. According to the National Apartment Association, approximately 4.6 million new middle-income multifamily housing units will be needed by 2030.

The Fund will seek to acquire well-located, distressed hotel properties, below replacement cost and convert them into apartments for renters.

 

Team

Diverse experience and a shared vision.

  • Francis Saul III

    Founder & CEO
  • Sheldon Weisel

    Executive Vice President & General Counsel
  • Sam DiFrank

    Executive Vice President & Chief Investment Officer
  • Mark Hardy

    Senior Vice President, Construction & Development
  • Richard Meiburger

    Chief Accounting Officer
  • Kimberly Reed

    Project Manager
  • Brandy Walterhoefer

    Acquisitions & Development Associate
  • Diego Hurtado

    Operations

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Portfolio

Distinctive properties located in urban, suburban and exurban areas.

15 Dupont Circle

Washington, DC

Blagden Alley

Washington, DC

Milestone Garden Apartments

Williamsport, MD

Ora Apartments

Washington, DC

L2L Roanoke Apartments

Roanoke, VA

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15 Dupont Circle

Washington, DC

Located in the former Patterson House, a historic neoclassical mansion designed by famed architect Stanford White, this property offers 92 fully furnished apartments with beautifully appointed shared living spaces located in the renovated grand salons of the original mansion and a new interior courtyard. Residents can select from accommodations in the historic house or in the new modern seven-story addition.  Hartman Cox provided architectural services while Daryl Carter served as interior designer of the public and communal spaces in the project.

15 Dupont Circle was developed in a joint venture with Rooney Properties and BedRock Real Estate Partners, LLC.

 

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Blagden Alley

Washington, DC

Our property in Shaw is being developed as a two-building community located on historic Blagden Alley in downtown Washington, DC, just one block from the Mount Vernon Square Metro Station. Hickok Cole is providing architectural services for the 123-unit project.

The Blagden is being developed in a joint venture with Rooney Properties and Kapani Family Trust.

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Milestone Garden Apartments

Williamsport, MD

168-unit garden style apartment complex spread over 14 buildings and comprised of 12.4 acres in Williamsport, MD.

This property, acquired in February 2020 and sold in November 2021 (hold period of 1 year, 9 months), had an IRR of 63% and a 2.4x equity multiple.

Milestone Garden Apartments was part of a joint venture with Kapani Family Trust.

 

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Ora Apartments

Washington, DC

113-unit luxury apartment building in the Kalorama neighborhood of Washington, DC. Architectural services provided by Bonstra Haresign Architects.

Saul Urban acted as a third party developer and construction manager on behalf of Ownership.

For more information on leasing please visit our website.

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L2L Roanoke Apartments

Roanoke, VA

Former 180 unit Days Inn Hotel in Roanoke, VA being converted into an 88-unit, market rate, workforce housing apartment complex.

Roanoke is a dynamic small city in central Virginia with a population of 315,000 people. It is an important transportation and distribution hub for both rail and trucks.

L2L Roanoke Apartments is being developed as part of our Saul Urban Lodging to Living Fund.

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