ORLANDO, Fla., 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.
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.
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.
The 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.
“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.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.