ORLANDO—Shore View, a 155-unit multifamily community in Satellite Beach, FL, has changed hands. The sales price at $7.5 million.

Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, FL office of Marcus & Millichap had the exclusive listing to market the property on behalf of the Maryland-based seller. Donaldson and Meoli also secured the local buyer, a limited liability company.

“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.”

Located at 50 Berkeley Street, across the street from the Atlantic Ocean in Satellite Beach, the multifamily complex sits on about 8.5 acres of land and offers five, two-story buildings developed in 1964. Each unit is cable-ready, equipped with ceiling fans, oversized utility rooms, private patios or balconies and central heat and air-conditioning.

“Overall, Shore View is an exceptional piece of real estate and a well sought-after investment with multiple exit strategies,” says Meoli. Common area amenities of the multifamily property include laundry facilities in each building, a state-of-the-art fitness center, several barbeque and 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.