ORLANDO—Orlando is getting in on the commercial real estate trading action with two micro-deals that turned investor heads. Universal Suites, a 140-unit multifamily community and Tranquility Inn, a 110-room extended stay hotel, have new owners.
Universal Suites sold for $4.284 million, or $30,600 per unit. The Tranquility Inn sold for $3.366 million.
Nicholas Meoli, senior associate, Francesco Carriera and Michael Regan, vice presidents investments in Marcus & Millichap‘s Tampa office, represented the local seller in both transactions. John Keeler, an associate in the firm’s Orlando office, represented the Colorado-based buyer.
“We commanded eleven offers in total, two of which were very competitive,” says Meoli. “Offers were generated from several states and countries which demonstrated the increasing demand for Florida product from both national and international investors.”
Universal Suites offers nine, two-story multifamily 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. The hotel is five miles from Downtown Orlando, eight miles from the airport and 12 miles from Walt Disney World.