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Regency Inn in Naperville Will Become Micro Apartments
Marcus & Millichap recently brokered the sale of the Regency Inn at 1350 E. Ogden Ave. in Naperville, IL for $3.35 million. The buyer, Northbrook, IL-based MZ Capital Partners, plans to provide 112 micro apartments on the site.
A Marcus & Millichap team of Ebrahim Valliani, Michael Klar, Chris Gomes and Allan Miller represented MZ Capital as well as the seller, Prime Motel Inc.
“Despite its visible location near the border of Naperville and Lisle, the hotel was not well-occupied and had significant deferred maintenance,” said Valliani. “Buyers could not visualize the possibilities, so the property sat on the market for many years before we got involved.” The Valliani team soon had multiple offers after an extensive outreach campaign.
MZ Capital’s proposal to provide high-amenity studio apartments to the site won unanimous approval from the Naperville City Council.
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- ◦Sale/Acquisition
