Spec developer Steve Bendat’s Aquantis Group sold a waterfront spec home in West Palm Beach for $28.2 million.
Records show an Aquantis affiliate sold the home at 3030 Washington Road to WY1968 LLC, a Florida entity managed by private equity bossJessica Fenwick.
Stephanie Mordes with Aquantis Realty represented both the buyer and seller in the transaction.
Fenwick is a director with PSG Equity, a Boston-based private equity firm, according to LinkedIn. The firm raised $8 billion in two fundraising efforts it closed in February, the Wall Street Journal.
Bendat is the founder of West Palm Beach-based Aquantis Group, which specializes in waterfront spec homes. He bought the 1.2-acre Washington Road property for $2 million in 2015, according to property records. He completed the 6,900-square-foot home last year, records show. It has seven bedrooms, 10 bathrooms, one half-bathroom, a 450-bottle wine room, a saltwater pool, a dock and a rooftop lounge, the listing shows.
Bendat first listed the house for $39.5 million in 2023, and dropped the asking price twice before selling for an $11.3 million reduction, according to Zillow.
The deal marks the latest spec home sale in West Palm Beach. Earlier this month, an entity linked to the investment firm Alden Global Capital sold a waterfront spec mansion for $16.8 million.
Agents say the South Florida market is slowing, but new construction homes remain in-demand.