WEST PALM BEACH, FL—Brokerage firm Marcus & Millichap reports it has brokered the sale of 32 units at The Edge Condominium, a 307-unit property here for $6.5 million.
The units at the downtown condo building at 300 South Australian Ave. were sold by a private investor from Canonsburg, PA to a Montreal, Canada-based fund. The deal equates to $203,125 per unit, according to Ryan Nee, regional manager of Marcus & Milllichap’s Fort Lauderdale office.
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 and the buyer.
“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 Thomas. “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 that were part of the sale 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 views of Downtown West Palm Beach or Clear Lake.