CARY, North Carolina—Marcus & Millichap introduced the sale of a 122-room Consolation Suites in Cary, North Carolina.
“We ran a aggressive course of and recognized an area developer planning to transform the property into an extended-stay Hilton asset,” stated Jack Davis, senior managing director, investments. “The property bought for greater than 4.5 instances income on a pre-PIP foundation and at a cap charge under eight p.c.”
Davis, together with Marcus & Millichap’s Eric Webster, Joce Messinger, and Chase Dewese, represented the non-public vendor.
The property is located close to Interstate 40 and inside 5 miles of Raleigh-Durham Worldwide Airport. The five-story resort was in-built 1999 and renovated in 2019. Facilities embrace complimentary breakfast, an indoor heated pool, health heart, enterprise heart, assembly house, and visitor laundry.
The resort is close to Analysis Triangle Park and several other main employers, together with SAS Institute and Epic Video games, and is inside driving distance of Duke College, the College of North Carolina at Chapel Hill, and North Carolina State College.
