Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Essex House, a 156-unit apartment community in West Palm Beach, Florida. The $15.6 million sales price equates to $100,000 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.”

Rex and Evan P. Kristol, senior vice president investments, also in the firm’s Fort Lauderdale office, represented the seller.

Built in 1971 and 1974, the property is situated on a 3.8-acre site one mile west of the interchange of Interstate 95 and Okeechobee Boulevard at 537 South Sequoia Drive in West Palm Beach.

Essex House’s amenities include a community clubhouse and two gated swimming pools. Apartments feature central or wall-unit air-conditioning and electric appliances.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.