Berkadia arranged the sale of the Oakwood Apartments, a 160-unit, garden-style, townhome community in Lake Worth. Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Omar Morales and Senior Analyst Jose Mota, marketed the property on behalf of One Real Estate Investments. Oakwood Townhomes LLC acquired the property for $35.4 million.
“Oakwood Apartments is unique for offering only four-bedroom townhomes, which are in high demand by families who may be relocating from dense urban areas like New York or Miami,” said Turkell. “The new owner will have the opportunity to continue a property renovation program to achieve rental premiums.”
In prepared remarks, CEO of One Real Estate Investment Jeronimo Hirschfeld, said, “While we remain bullish on South Florida and multifamily assets throughout the southeast, we’re excited to have successfully completed the sale of this asset. Despite the pandemic, we were able to complete meaningful improvements to both the interiors and exterior of the property. As a result, we recognized significant appreciation during our hold period.”
Located at 2425 2nd Avenue North, Oakwood Apartments was built in 1993 and only offers four-bedroom floor plans averaging 1,252 square feet. Individual units feature stainless steel appliances, a dishwasher, disposal, white shaker cabinets, plank-style flooring, high-speed internet access, washer and dryers, air conditioning and walk-in closets. Community amenities include a 24-hour fitness center, a cyber café and pool.
Located minutes away from Lake Avenue, Oakwood Apartments is in a dynamic neighborhood that is minutes away from downtown West Palm Beach and Palm Beach International Airport, John Prince Park, Town & Country Shopping Center, and top employers such as Florida Power & Light, Florida Atlantic University, the Office Depot Headquarters and the JFK Medical Center.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.