Marcus & Millichap Closes $15 Million Sale Of 120-Room Residence Inn By Marriott In Boca Raton
The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
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The buyer plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
Michael Alaoui, senior director investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer in an all-cash transaction.
The 12-story development will feature luxury studios, one-, and two-bedroom apartments along with 12,500 square feet of ground-floor retail.
CBRE’s Calum Weaver and Perry Synanidis represented the seller, IMC Equity Group, in the transaction.
Berger Commercial Realty Senior Vice President Joseph Byrnes and Sales Associate Daniel Forman negotiated the deal on behalf of the seller.
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