Lake Worth, Fla. (Aug. 3, 2018) – Berkadia has arranged the $25.64 million sale and finance of Oakwood Apartments, a rare 160-unit apartment community featuring all four-bedroom townhome-style units located in Lake Worth. Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone of Berkadia’s South Florida office represented the sellers, Coast Capital Partners and Naya USA. Senior Director Brad Williamson and Director of Operations Jared Hill of Berkadia arranged the $19.231 million acquisition loan on behalf of the borrower, One Real Estate Investment.
Freddie Mac originated a seven-year, fixed-rate Green Up loan with a 75 percent LTV ratio.
“The property was last traded in 2014 for $12.9 million and was sold for a considerable gain, thanks to property improvements and renovations carried out by the previous owner and South Florida’s competitive multifamily market,” said Yuhjtman.
“Palm Beach County is increasingly becoming one of South Florida’s most attractive investment locations,” said Williamson. “The area has diversified its economic base, strengthening its financial, technology, manufacturing, agricultural and tourism sectors to complete a transformational process throughout the county. Ranked among the top 100 ‘Best Places to Live,’ Palm Beach County is poised for further growth while highlighting accelerated employment, local amenities, and universities.”
“Oakwood presents a unique unit mix and compelling value-add opportunity which our firm specializes in,” added Hirschfeld. “Our planned enhancements will further improve the entire community’s amenities and interiors.”
Built in 1993, Oakwood Apartments is located at 2425 Second Avenue North, and comprises 160 two-story attached townhome units each with four bedrooms and 2.5 bathrooms and 1,252 square feet of space. Community amenities include swimming pool, clubhouse, business center, gym, internet café, and onsite management. Rents range from $1,500 to 1,700 for renovated units.
The community is conveniently located close to Interstate 95 and is less than 25 minutes away from Downtown West Palm Beach and Boca Raton.