Taylor Grant (Park-Equities) completes sale of Hospitality Inn (JAX) as apartments after successful rezone to multi-family. 4th hotel to apartment conversion since 2021

MIAMI, July 28, 2022 /PRNewswire/ -- Last week Park-Equities announced the sale of the 102-unit Hospitality Inn located in Jacksonville, FL to California based VIVO Living an industry leader in hotel-to-residential conversions. This was Park-Equities 4^th hotel sold as a multi-family opportunity with other closed deals located in cities across the country such as Austin, TX and Kansas City.

"Hotel conversions are something I pivoted my focus to as I see the affordable housing crisis continue to grow in the United States. VIVO Living is paving the way in this newly born niche of CRE and understands the complexities that come with these deals. They were a pleasure to work with from start to finish and I look forward to sourcing them more conversion opportunities." Grant said.

The property was an ideal conversion given the low per-unit basis, extended-stay build, and garden style lay-out. Buyer asked to keep purchase price confidential.

Park-Equities is a full-service real estate investment advisory firm with focus on the hospitality and multi-family markets. The firm is a subsidiary of Park Brokerage Inc. which has over 20 years of commercial brokerage experience. Together they have completed transactions in volume of over 1B.

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Kelsi Fogel

SOURCE Park-Equities