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Estate Cos. buys West Palm Beach lot for Phase II apartments

The $13.0 million purchase for a 1.19-acre site is backed by an $8.45 million Banesco USA mortgage, according to the report.

Reported · Written up by our desk · Residential

Estate Cos. has bought a 1.19-acre lot in West Palm Beach, Florida, as part of plans for the second phase of a two-phase apartment development project near 411 West Railroad, according to ConnectCRE citing the South Florida Business Journal.

The company paid $13 million for the property, and Banesco USA provided an $8.45 million mortgage to fund the purchase.

For Phase II, Estate Cos. plans to build 310 apartments in a 15-story structure. The multifamily community would include 411 parking spaces and a pool deck.

ConnectCRE also reported that the first phase, the 321-unit, eight-story Soleste Palm Station, just west of the site, is still under construction.

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