The Real Deal Miami

Set for takeoff, Memphis firm buys $13.5M condo site in Satellite Beach

The firm paid $492,700 per acre for a rental complex on State Road A1A occupied by Air Force personnel and their families

Satellite Beach (Source: TripAdvisor)

A Tennessee company paid $13.5 million for a rental housing complex in Satellite Beach and plans to convert the property to an oceanfront condominium.

Memphis-based Woodshire-Brevard, LLC, acquired the 27.4-acre property along State Road A1A for $492,700 per acre.

Woodshire-Brevard plans to demolish demolishing 105 existing rental houses on the site, occupied by families of military personnel stationed at nearby Patrick Air Force Base.

Fontaine Group represented Woodshire-Brevard in the $13.5 million transaction, and Jaffe Commercial Group represented the seller of the property, Satellite Beach Partners LLC.

Mike Jaffe of Jaffe Commercial Group said in an interview with Florida Today that the Woodshire-Brevard plans to build condos “with price points of over $1 million.”

Among the units that Woodshire-Brevard plans to develop are two-story penthouses that span more than 4,000 square feet.

Woodshire-Brevard is expected to submit a proposed site plan for the development to the city of Satellite Beach by year-end or early next year.

Another Satellite Beach condominium development called Oceana Oceanfront Condominium is well underway

Several miles south of the Woodshire-Brevard site, construction of another residential development on A1A called Oceana Oceanfront Condominium is underway, with units priced from $534,900 to $819,000. [Florida Today]Mike Seemuth