Estate Cos. has acquired a development site in West Palm Beach, where it plans to deliver the second phase of a two-part multifamily project. According to reporting cited from the South Florida Business Journal, the company paid $13 million for the 1.19-acre parcel at 411 West Railroad. The seller was Sunview Cos., and Banesco USA financed the purchase with an $8.45 million mortgage to the buyer.
The newly purchased property is earmarked for Soleste Palm Station Two, an expansion of Estate Cos.’ existing plans in the immediate area. Phase I of the project, the 321-unit, eight-story Soleste Palm Station, is currently under construction just west of the newly acquired site. That first phase is designed as a mid-rise multifamily building and continues to move forward while the second phase is being capitalized and planned.
For Phase II, Estate Cos. intends to develop the 411 West Railroad parcel with a 15-story residential tower totaling 310 apartments. Plans for Soleste Palm Station Two call for a significantly taller structure than the initial phase, reflecting an increase in density on the follow-on site. Project details released so far indicate the community will include 411 parking spaces, aligning the parking count closely with the number of units, and will feature a pool deck as part of its resident amenities.
The combination of an acquisition and immediate development plans positions the site as a key component of Estate Cos.’ West Palm Beach pipeline. With Phase I under construction and Phase II programmed for a larger-scale high-rise, the two-phase Soleste Palm Station development is set to add more than 600 new apartment units across the adjacent sites once fully built out. The mortgage from Banesco USA provides acquisition financing support as the sponsor advances the second phase toward development.
Estate Cos. describes its business as identifying and coordinating investment opportunities for both private and institutional investors. Since 2012, the firm’s focus has been on high-yield, risk-adjusted development and investment strategies involving land and residential projects in the South Florida region. The Soleste Palm Station initiative in West Palm Beach fits within that approach, pairing land acquisition with ground-up multifamily development aimed at expanding the company’s regional footprint.
