AUSTIN AIRPORT HOTEL SALE SETS TEXAS PER-KEY RECORD
AUSTIN, TEXAS, October 21, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Super 8 Austin Airport South, a 37-room hospitality property located at 3120 Montopolis Drive in Austin, Texas, according to Craig R. Swanson, regional manager of the firm’s Austin office.
Allan Miller and Chris Gomes, Vice President Investments in Marcus & Millichap’s San Antonio and Dallas offices, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyers, a limited liability company and private investor from New York, was also secured by Allan Miller. Michael Laurencelle, Vice President Capital Markets, and Tom Laurencelle, associate in Marcus & Millichap Capital Corporation’s Austin office, originated the loan.
This was Allan Miller’s fourth sale in the Austin-Bergstrom Airport hotel market. “Outside of downtown, this location is the most coveted by investors,” added Miller. “When you think of future development potential and the creation of room demand, the Austin-Bergstrom Airport is where you want to be.”
“The Super 8 Austin transaction is a great example of first rate, deal team execution,” according to Craig Swanson. “After bringing the property to market, Allan Miller sourced a highly motivated, foreign buyer entering a 1031 Exchange after selling a property in Upstate New York. Then, Michael Laurencelle sourced a unique debt solution through the MMCC platform to complete the capital stack and close the deal.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com