UPDATED, April 7, 10:15 a.m.: Transwestern purchased a vacant lot near downtown West Palm Beach for $7.3 million, with plans to build an apartment project with micro units.
Houston, Texas-based Transwestern also secured a $30 million construction loan from Little Rock, Arkansas-based Bank OZK to build the project on the 1-acre site at 625 South Olive Avenue, records show.
Olive Street Associates, led by Eliot Lauer, sold the property to Transwestern for $169 per square foot, records show.
Giovanni Fausone of Gulfstream Real Estate Advisors brokered the deal.
Transwestern develops multifamily, office, mixed-use, logistics and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $5.6 billion, according to its website.
Downtown West Palm Beach is seeing more interest from developers. Rosemary Square, a mixed-use property, is undergoing a $550 million redevelopment. Rosemary Square is next to Virgin Trains USA, a high-speed rail station, which is also spurring real estate nearby