Orlando-based developer Zom just closed on land at 8230 Okeechobee Boulevard in West Palm Beach and broke ground on its planned 179-unit apartment complex in West Palm Beach, property records show.
Azola West Palm Beach Owner LP, an affiliate of Zom, paid $6.5 million for the development site. Records show it also secured a $21.69 million construction loan from Synovus Bank.
West Palm Beach-based Pina Residential, led by Richard C. Elliott, sold the vacant land. The company paid $1.6 million for the 9-acre site in 2012, records show.
Zom’s 179-unit multifamily development will be called Azola West Palm. Once completed, the apartment community will consist of seven 4-story apartment buildings. Amenities will include a clubhouse, pool, fitness center and dog park.
A representative for Zom could not immediately be reached for comment.
The multifamily developer is also building Solitair Brickell, a 50-story, 438-unit building near Brickell City Centre, and Maizon, a 24-story, mixed-use apartment building in the west Brickell neighborhood.
Average rents for multifamily properties in West Palm Beach have increased 2.5 percent year over year, up to $1,532 a month from $1,410 a month, according to a recent Berkadia report.
In July, New York-based Castle Lanterra Properties bought an apartment community in West Palm Beach for $63.5 million. The 259-unit Loftin Place apartment community was nearly 100 percent occupied at the time of the sale
From The Real Deal Miami with on it of the land at 8230 Okeechobee Boulevard in West Palm Beach with Greg West, Senior Vice President at Zom. (Credit: KAST Construction) via http://ift.tt/2zbd1QH
