Vivo Living Jacksonville
Update
07/28/22
VIVO Living Acquires Hospitality Inn of Jacksonville, Plans Apartment Conversion
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 4th 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.
