West Palm Beach Developer Buys Lot, Apartments on Way

Estate Cos. bought a lot in West Palm Beach and plans to build the second phase of a two-phase apartment project. The S. Floirda Business Journal reports the company paid $13 million for a 1.19-acre lot at 411 West Railroad. The seller was Sunview Cos. Banesco USA provided an $8.45 million mortgage to the buyer.

For the first phase, the 321-unit, eight-story Soleste Palm Station, just west of this site, is still under construction. For Phase II, The Estate Cos. plans to develop the new site with 310 apartments in 15 stories. For Soleste Palm Station Two, the multifamily community will include 411 parking spaces and a pool deck.

Estate Companies says it identifies and coordinates investment opportunities for both private and institutional investors. It’s focus, since 2012, is on high-yielding, risk-adjusted, development and investment opportunities (land and residential projects) in the South Florida region.