SATELLITE BEACH, FLA., December 30, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Shore View, a 155-unit apartment community located in Satellite Beach, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,500,000.
Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, based in Maryland. The local buyer, a limited liability company, was also secured by Donaldson and Meoli.
Shore View is located at 50 Berkeley Street, across the street from the Atlantic Ocean in Satellite Beach, Fla. This 155-unit apartment complex is situated on approximately 8.5 acres of land and consists of five, two-story buildings built in 1964. Each unit is cable-ready, equipped with ceiling fans, oversized utility rooms, private patios or balconies and central heat and air-conditioning. Common area amenities of the property include laundry facilities in each building, a state-of-the-art fitness center, several barbeque/picnic areas equipped with grills and tables, a junior Olympic-size swimming pool, basketball court and a 1,000-square foot clubhouse that is available for rent by tenants.
“Combined with the property’s unique location across from the Atlantic Ocean and the high occupancy level sustained over the last few months, Shore View Apartments was a ‘one-of-a-kind’ investment opportunity as evidenced by the 18 offers we procured from buyers all over the world,” says Donaldson. “If you look at Florida’s inventory of beachside communities, they are typically smaller complexes with fewer than 100 units and have already been converted to condominiums, making Shore View a rare find.”
“Overall, Shore View is an exceptional piece of real estate and a well sought-after investment with multiple exit strategies,” adds Meoli.
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With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.