Dealmaker: Marcus & Millichap Brokers Southeast Hospitality Portfolio Sale
Marcus & Millichap announced sale of the Hamilton Inn Extended-Stay, a five-property portfolio of hotels across Georgia and Tennessee. The portfolio traded for $29 million, or $50,966 per unit.
Justin Sturdivant, first vice president of investments in Marcus & Millichap’s Nashville office, and Kylie Gee, represented the seller, LLBJ Real Estate Holdings, while Gabriel Shamay out of the firm’s Fort Lauderdale office procured the buyer, The Siegel Group.
Sturdivant said the assets are in diverse markets with long-term residents and lengthy wait lists. In 2019, prior owners spent more than $550,000 renovating 328 of the 569 rooms.
“We have seen an increase interest in extended-stay hotels, as they provide residents with long-term accommodations including full kitchenettes, larger rooms, more storage and better long-term rates while maintaining flexibility with resident occupancy,” Gee said. “These factors, combined with the strong demographics surrounding the assets, made the Hamilton Inn portfolio an extremely attractive investment.”
Ryan Nee, John Leonard and Jody McKibben were Marcus & Millichap’s brokers of record for Florida, Georgia and Tennessee, respectively.
Marcus & Millichap also arranged sale of two multifamily properties in Dallas-Fort Worth. The assets are Copper Creek, a 274-unit asset in Fort Worth; and 357-unit Highland Bluffs in Dallas.
Al Silva, senior managing director investments in Marcus & Millichap’s Fort Worth office, and Ford Braly represented the sellers and procured the buyers in both transactions. A California-based private investment company sold Copper Creek to California-based Tides Equities and Highland Bluffs was placed on the market by Westmount Realty Partners and acquired by Dallas-based Lurin Investments.
Copper Creek’s East Fort Worth location places it close to Downtown Fort Worth, Arlington, Dallas-Fort Worth International Airport and North East Mall, a super-regional shopping center. Lake Arlington and the Trinity River are nearby. The 17-building property’s common area amenities include a swimming pool, soccer field, playground and laundry facility. Apartments have private patios or balconies, walk-in closets and separate dining areas.
Highland Bluffs is located on John West Road near Interstate 30, within a short commute of Downtown Dallas and close to public transit systems. Harold Lang Sr. Middle School is within walking distance. The 28-building asset has a large swimming pool, laundry facility, patios with outside storage and a large playground and picnic area. Select units have fireplaces.
