Perennial
48-unit boutique apartment community at 30 Lake Avenue, built by Prime as the Pavilion Grand Hotel and converted to residences.
48
2014
Boutique Multifamily
Sold 2021, Prime Managed
The Project
Perennial is a 48-unit boutique luxury apartment community at 30 Lake Avenue in downtown Saratoga Springs, New York, a block from Broadway and Congress Park. The five-story building holds studios, one- and two-bedroom residences and rooftop penthouses with private terraces, above ground-floor restaurant, salon and spa space, with covered parking, heated sidewalks and rooftop terraces with a fire pit overlooking the city.
Prime Companies developed the building in 2014 as the Pavilion Grand Hotel, a condominium-concept luxury hotel that drew on the heritage of the original 1819 Pavilion Hotel, and operated it for six years. In 2020, as the pandemic reshaped hospitality demand, Prime repositioned the property as Pavilion Grand Executive Apartments, offering furnished extended-stay and annual leases through its Prime Corporate Apartments division, a conversion that preserved the building's value through a period that closed many independent hotels.
Prime sold the property to a new owner in December 2021 and was retained as property manager. The new owner completed a renovation and rebranded the community as Perennial in 2023, adding a rooftop amenity suite, fitness center, game room and community kitchen, with Prime continuing to manage leasing and operations.