Estate Cos. buys West Palm Beach lot for Soleste phase two
The parcel next to the under-construction Soleste Palm Station will hold a second phase with 310 apartments.
Estate Cos. has paid $13 million for a lot in West Palm Beach, securing the site for the second phase of its Soleste Palm Station apartment project. The property measures 1.19 acres. Sunview Cos. was the seller, according to Connect CRE, citing the South Florida Business Journal. Banesco USA provided an $8.45 million mortgage on the purchase. The loan covers roughly 65% of the price.
The lot at 411 West Railroad sits just east of the first phase, Soleste Palm Station. The first-phase building is eight stories and still under construction. It has 321 units. The second phase, Soleste Palm Station Two, would rise 15 stories. Plans call for 310 apartments. The design includes 411 parking spaces and a pool deck.
From 321 to 631 apartments
Estate Cos. says it identifies and coordinates investment opportunities for private and institutional investors, with a focus on South Florida land and residential development since 2012. The land cost works out to about $42,000 per planned apartment. The price is about $10.9 million an acre. The first phase has 321 units. Together, the two Soleste buildings total 631 apartments.
The Wrap