At a glance
- The seller was Sunview Cos., and Banesco USA wrote an $8.45 million mortgage to the buyer — exactly 65% of the land price, or roughly $10.9 million an acre, density arithmetic that only makes sense if the second tower gets built.
- The lot sits just west of the first phase, an eight-story, 321-unit building still rising.
- Estate Cos. has paid for Phase II dirt before Phase I has delivered a single apartment, and that sequence matters as much as the price.
Connect CRE reported, citing the South Florida Business Journal, that the Estate Cos. paid $13 million for the 1.19-acre lot at 411 West Railroad in West Palm Beach, next door to its under-construction Soleste Palm Station. The seller was Sunview Cos., and Banesco USA wrote an $8.45 million mortgage to the buyer — exactly 65% of the land price, or roughly $10.9 million an acre, density arithmetic that only makes sense if the second tower gets built. The purchase locks up the second phase of a two-phase apartment project.
The lot sits just west of the first phase, an eight-story, 321-unit building still rising. On the new site, the developer plans Soleste Palm Station Two: 310 apartments across 15 stories, with 411 parking spaces and a pool deck, bringing the two phases to 631 units. Estate Companies, as the developer describes itself, says it identifies and coordinates investment opportunities for private and institutional investors and has focused since 2012 on high-yielding, risk-adjusted South Florida residential projects, which points to capital beyond the developer's own balance sheet for the second phase.
Estate Cos. has paid for Phase II dirt before Phase I has delivered a single apartment, and that sequence matters as much as the price. In the current multifamily market, as this publication has argued, lease-up risk is the slice most likely to reprice first; institutional buyers have been paying benchmark prices for stabilized assets while pushing pre-stabilized deals into preferred equity structures. This deal runs the other way: Banesco, a bank, put up 65% of the land price in the form of a mortgage — the only financing the coverage identifies — which suggests the lender shares the underwriting view.
The developer is pre-committing to a second tower before the first tower's performance is known, a familiar pattern in Florida development that now carries a sharper edge. If Soleste Palm Station leases on plan, the second phase looks prescient, with a land basis secured before the next wave of capital bids up the neighborhood; if the first phase drags, the second tower's construction financing will be negotiated from a weaker position, with the dirt already on the books at $13 million. The lender's willingness to put mortgage money on vacant land is, in its own way, the quiet price discovery in this deal. The lease-up numbers for Phase I are the tell, and they are not in yet.
Reported by the Deals desk from Connect CRE. Published . Updated Aug 21, 2026 · 4:18 p.m. ET. Corrections