Marcus & Millichap Inc., a prominent commercial real estate brokerage firm, has announced the successful sale of the Residence Inn by Marriott in Boca Raton for $15 million. The 120-room extended-stay hotel, located on 4.26 acres at 525 NW 77th St., will be converted into student housing to support Florida Atlantic University. The buyer, a Michigan-based investment group, plans to remove the Marriott franchise, addressing previous operational and management issues. The property's conversion aligns with Florida's Live Local Act, aiming to provide much-needed housing for the university. The hotel features amenities such as a fitness center, swimming pool, and basketball courts.
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