Press Releases
Marcus & Millichap Closes $15 Million Sale of 120-Room Residence Inn by Marriott in Boca Raton
August 20, 2025
BOCA RATON, Fla., Aug. 20, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $15 million sale of the Residence Inn by Marriott Boca Raton, a 120-room extended-stay hotel in Boca Raton, Florida.
David Altman, managing director investments, and Jeff Halavacs, investment associate, worked in collaboration with Adam Sklaver and Phil Kates of Marcus & Millichap’s Commercial Property Auction Services team.
Through the teams’ combined national outreach, the asset drew significant investor interest. Responding to competitive momentum, the buyer, an investment group based in Michigan, pre-empted the auction with an offer acceptable to the seller. The group plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
“It’s a great property that was having operational and management issues,” said Altman. “Rate and occupancy were declining, expenses were increasing, and Marriott was threatening to pull the flag. The buyer is leaning into Florida’s Live Local Act to give the site a second life as housing for Florida Atlantic University, which is about three miles away. It’s a smart plan for the property and will provide much needed housing for the growing university.”
“Our collaboration with Altman and Halavacs drew local and national interest in the asset,” said Sklaver, senior managing director investments. “This was a rare situation where the buyer knew they really wanted the property, didn’t want to wait for the auction to take place, and was willing to pay an amount acceptable to the seller on non-contingent auction terms.”
Located at 525 NW 77th St., the hotel spans 4.26 acres and comprises 16 two-story buildings with guest suites equipped with full kitchens. Amenities include a fitness center, resort-style swimming pool, basketball courts and complimentary breakfast. The property has undergone significant capital improvements since 2020, including upgrades to stairwells, carpeting, mechanical systems and pool infrastructure. The hotel is adjacent to the Interstate 95 and Congress Avenue interchange, with visibility to more than 225,000 vehicles per day.
David Altman, managing director investments, and Jeff Halavacs, investment associate, worked in collaboration with Adam Sklaver and Phil Kates of Marcus & Millichap’s Commercial Property Auction Services team.
Through the teams’ combined national outreach, the asset drew significant investor interest. Responding to competitive momentum, the buyer, an investment group based in Michigan, pre-empted the auction with an offer acceptable to the seller. The group plans to remove the Marriott franchise and convert the property to student housing supporting Florida Atlantic University.
“It’s a great property that was having operational and management issues,” said Altman. “Rate and occupancy were declining, expenses were increasing, and Marriott was threatening to pull the flag. The buyer is leaning into Florida’s Live Local Act to give the site a second life as housing for Florida Atlantic University, which is about three miles away. It’s a smart plan for the property and will provide much needed housing for the growing university.”
“Our collaboration with Altman and Halavacs drew local and national interest in the asset,” said Sklaver, senior managing director investments. “This was a rare situation where the buyer knew they really wanted the property, didn’t want to wait for the auction to take place, and was willing to pay an amount acceptable to the seller on non-contingent auction terms.”
Located at 525 NW 77th St., the hotel spans 4.26 acres and comprises 16 two-story buildings with guest suites equipped with full kitchens. Amenities include a fitness center, resort-style swimming pool, basketball courts and complimentary breakfast. The property has undergone significant capital improvements since 2020, including upgrades to stairwells, carpeting, mechanical systems and pool infrastructure. The hotel is adjacent to the Interstate 95 and Congress Avenue interchange, with visibility to more than 225,000 vehicles per day.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
