West Palm Beach rentals command $15.6 million
Commercial real estate brokerage Marcus & Millichap announced the sale of a 156-unit apartment complex in West Palm Beach for $15.6 million, about 50 percent more than its sale price last year.
The apartment property, called Essex House, is located on a 3.8-acre site at 537 South Sequoia Drive in West Palm Beach, one mile west of the interchange of Okeechobee Boulevard and Interstate 95.
Essex House, built in 1971 and 1974, features a community clubhouse and two gated swimming pools.
Brandon J. Rex and Evan P. Kristol, each a senior vice president investments in the Fort Lauderdale office of Marcus & Millichap, represented the seller. The brokerage firm identified neither the seller nor the buyer.
“The property is surrounded by an extraordinary concentration of nearly seven million square feet of retail and commercial space, providing residents with unparalleled convenience,” Rex said in a written statement.
An affiliate of Harvest Holdings, a Delray Beach-based company, bought Essex House in 2015 for $10 million.