Updated Mar 5, 2026
Paul Leone Of The Breakers Acquires 2.4-Acre Development Site In West Palm Beach For $9.1M
2508 North Australian Avenue
$9,100,000
Units
155
Asset Type
Development Site
Closing
Mar 4, 2026
About this deal
AI
A 2.4-acre development site located at 2410-2508 North Australian Avenue in West Palm Beach has been sold for $9.1 million. The asset is positioned within a strategic area and marks a significant transaction in the local market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,100,000
- Buyer: Paul Leone - The Breakers
- Seller: City of West Palm Beach & VDG Partners Limited
- Market: West Palm Beach
- Number of Acres: 2.4
An affiliate of The Breakers Palm Beach, led by Paul Leone, acquired the site from the City of West Palm Beach and VDG Partners Limited. The acquired property will be combined with a nearby parcel to facilitate the development of an eight-story, 155-unit workforce housing project intended for Breakers employees.
On the Map
$9,100,000
Development Site
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Players
West Palm Beach Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.74%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93