Friday, November 14, 2014

$6.5 Million sale of the Edge condominium Portfolio in West Palm Beach, FL arranged by marcus & millichap

         
Joseph P. Thomas
WEST PALM BEACH, FL– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 32 units in The Edge Condominiums, a 307-unit condominium building located in Downtown West Palm Beach, Fla, according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $6,500,000 equating to $203,125 per unit.

Joseph P. Thomas, a vice president investments, William J. Berthiaume, II, a senior associate, and Frank Fausone, an associate, in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private investor from Canonsburg, PA and the buyer, a Canadian fund based in Montreal.

“The Edge Condominium Portfolio offered the rare opportunity to acquire units at a discount to current market values in a ‘best in class’ condominium building in Downtown West Palm Beach,” says Joseph Thomas.

William J. Berthiaume II
 “Our marketing process generated tremendous interest and multiple offers from both national and international investors. Ultimately, the winning bid was from a Montreal-based fund.”

All 32 condominiums included in the offering are two-bedroom/two-bathroom floor plans with hurricane resistant impact windows and exterior doors, central air conditioning, washers and dryers, electric appliances, granite counter tops, ceiling fans, ample closet space and balconies with great views of Downtown West Palm Beach or Clear Lake.

Located at 300 South Australian Avenue, the property is situated in close proximity to several Downtown West Palm Beach landmarks including CityPlace, Palm Beach Atlantic University, the Palm Beach County Convention Center, Howard Park and the Norton Museum of Art.

For a complete copy of the company’s news release, please contact:

 Ryan Nee
Regional Manager
 Fort Lauderdale, FL
(954) 245-3400


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