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| Shore View Apartments, 50 Berkeley Street, Satellite Beach, FL |
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| Michael Donaldson |
SATELLITE BEACH, FL, Dec. 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.
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| Nicholas Meoli |
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.
For a complete copy of the company’s news release, please
contact:
Richard D.
Matricaria
Regional Manager
Tampa, FL
(813) 387-4700
