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 ā€˜70 Ltd and Admiral ā€˜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