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| 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.
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| 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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