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South Florida

Ocean Reef’s Marina Inn sells for $20M

Marina Inn
Marina Inn

The Marina Inn in Ocean Reef was sold for $20 million to developer Eric Soulavy. The deal is Ocean Reef’s highest-priced transaction this year.

Soulavy plans to transform the Marina Inn site into 30 new luxury condos. The three-acre property includes 750 feet of waterfront and currently consists of eight large two-bedroom rental properties.

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Russell Post, CEO of Russell Post Sotheby’s International Realty, represented both Soulavy and the seller in the transaction.

“Marina Inn is an exquisite property that speaks to the splendor of the community as a whole,” Post said in a press release. “With its prime waterfront location, Mr. Soulavy’s development plans for Marina Inn will undoubtedly offer an unparalleled residential enclave that will serve as a paragon for Ocean Reef’s understated elegance.” – Christopher Cameron

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Condo Market