Apartment Developer Buys Delray Beach Industrial Site

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Trammel Crow Residential (TCR) acquired an industrial site in Delray Beach that already has approval for an apartment complex.

Eckols ‘70 Ltd and Admiral ‘80 Ltd., both managed by Richard Eckhouse and Norman D. Olson in Boca Raton, sold the 6.74-acre site at 1155 S. Congress Ave. to the Dallas-based developer for $12.67 million.

The property last sold for $616,000 in 1980, so the sellers generated a huge return after a long-term investment. It currently has a 29,250-square-foot warehouse, but it will be demolished to build apartments.

 

Source: SFBJ