Sale of Two Florida Properties Brokered by Marcus & Millichap Bring $7.65 Million

  

University Suites, 1200 Holden Ave., Orlando, FL

Nicholas Meoli

ORLANDO, FL, July 11, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Universal Suites, a 140-unit apartment community and the Tranquility Inn, a 110-room extended stay hotel, both in Orlando, Florida. 

Universal Suites sold for $4,284,000 which equates to $30,600 per unit.  The Tranquility Inn sold for $3,366,000.

Francesco
Carriera

Nicholas Meoli, senior associate, Francesco “Frank” Carriera and Michael Regan, vice presidents investments in Marcus & Millichap’s Tampa office represented the local seller in both transactions.  John “Rob” Keeler, associate in the firm’s Orlando office represented the buyer. 

Michael P. Regan

Universal Suites is a 140-unit community consisting of nine, two-story buildings with a mix of one- and two-bedroom units at 1200 Holden Avenue in Orlando. 

Tranquility Inn is located at 4855 South Orange Blossom Trail.  This is a 110-room, extended stay hotel situated five miles from downtown Orlando, eight miles from the airport and 12 miles from Walt Disney World.  The two properties received a great deal of interest from the investment community.

John 'Rob' Keeler

“We commanded eleven offers in total, two of which were very competitive, said Meoli in a statement. 

  “Offers were generated from several states and countries which demonstrated the increasing demand for Florida product from both national and international investors.” The ultimate buyer is based in Colorado,” adds Meoli.

  

For a complete copy of the company’s news release, please contact:

Richard D. Matricaria

Regional Manager

Tampa, FL

(813) 387-4700