Marcus & Millichap have sold the Essex House, a 156-unit apartment community in West Palm Beach, Florida on behalf of the complex’s owner, Harvest Holdings affiliate HH Essex House. Located at 2700 Vandiver Drive and 537 South Sequoia Dive, the $15.6 million sales price equates to $100,000 per unit. Built in two phases on a 3.8 acre site beginning in 1971, the 128,333 sqf of buildings rise from two to four stories. The seller bought the property in March of 2015 for $10 million, or $62,102 per unit.
“Essex House is ideally located in one of the most dynamic rental locations of West Palm Beach,” says Brandon J. Rex, vice president investments in Marcus & Millichap’s Fort Lauderdale office. “The property is surrounded by an extraordinary concentration of nearly seven million square feet of retail and commercial space, providing residents with unparalleled convenience.”
