Russell Post Sotheby’s International Realty announced the sale of Marina Inn for $20 million to developer Eric Soulavy. Russell Post, CEO of Russell Post Sotheby’s International Realty, represented both Soulavy and the seller in the transaction, which closed on Oct. 24. The sale represents Ocean Reef’s highest-priced transaction this year.

Part of the exclusive Ocean Reef community in the Florida Keys and less than an hour from Miami, Soulavy plans to redevelop the Marina Inn site with 30 new luxury condominium units. The three-acre property includes 750 feet of waterfront and currently consists of eight large two-bedroom rental properties.

“There hasn’t been any new development in Ocean Reef in 25 years, and nothing in the core area where this is located in many, many years,” said Post.

In addition to the Marina Inn property, Soulavy owns The Plaza Building at Ocean Reef and has committed approximately $50 million to the Ocean Reef community, ranking among Morris Baker, Harper Sibley and Carl Lindner as one of the largest financial backers in Ocean Reef’s history.

Marina Inn is situated in one of the nation’s most prestigious club communities, Ocean Reef, whose members include a bevy of the “who’s who of American business.” The community is also favored for its championship golf courses, mega yacht marina and lighted 4,456-foot airport capable of accommodating large and mid-size business jets.

“Marina Inn is an exquisite property that speaks to the splendor of the community as a whole,” said Post. “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.”

As Ocean Reef’s market leader, Russell Post Sotheby’s International Realty accounts for more than 70 percent of all real estate sales in the area.

“We are excited and believe his vision for the property is going to be well received,” said Post.

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