Bringing extensive asset management experience, Bjorkman joins PEG to deepen the organization’s footprint as a vertically integrated commercial real estate leader.

Marking two decades of commercial real estate excellence, the recognition stands as a testament to PEG's unwavering commitment to its vision of 'building trust, reimagining communities, and broadening horizons everywhere.'

The owners, Utah-based PEG Companies, acquired, converted, and sold the property in less than two years, generating a 2.0X equity multiple for their investors.

Located just blocks from the world-renowned Mayo Clinic, the 172-key hotel will help provide much-needed apartment-style extended stay accommodations for patients and families visiting Rochester from across the globe.

So far, the commercial real estate investment leader has acquired 14 discounted extended-stay hotels with the intent to convert them into quality Class B apartments in an effort to help solve the national housing affordability crisis.

Named Paperbox Lofts, the mixed-use development, will include 195 apartment units, retail and restaurant space, and a park for public use.

After a far-reaching controversial campaign in November 2018, voters approved moving forward with the development