Berkadia Arranges $81.5 Million Sale of Two Apartment Communities in Palm Beach County
PALM BEACH, Fla. (January 3, 2022) – Berkadia announces it has arranged the sale of Village at Lake Worth and Village at Lake Osborne, two apartment communities with a total of 336 units in Palm Beach County, Fla.
Senior Managing Directors Roberto Pesant and Jaret Turkell of Berkadia Miami, Associate Omar Morales and Senior Financial Analyst Jose Mota of Berkadia Miami Investment Sales, marketed the property on behalf of the seller, AHS Residential, a Miami-based vertically integrated real estate company that specializes in developing, building, and managing high-quality multifamily housing communities across the United States. Social Housing Inc. acquired the properties for a combined $81.5 million.
“Outsized demand combined with the County’s under-supply drives the submarket’s strong apartment fundamentals,” said Pesant. “The Lake Worth submarket remained at 95% occupancy or above in 2020 and is poised for additional rent growth.”
Built in 2017 and located at 2430 Lake Worth Road, Village at Lake Osborne offers 118 units of one- and two-bedroom apartments averaging 700 square feet to 855 square feet. Individual units offer 10-foot ceilings, open kitchen floorplans, modern cabinetry with soft closing doors and drawers, granite countertops in kitchen and bathrooms, stainless-steel appliances, a washer and dryer in every apartment, vinyl plank flooring, impact resistant windows and a private balcony or patio. The gated community amenities feature a resort-style swimming pool, 24-hour fitness center, a multipurpose clubhouse, a children play area and complimentary Wi-Fi in the common areas.
Built in 2015 and located at 2220 Lake Worth Road, Village at Lake Worth offers 216 units of one-, two- and three-bedroom apartments averaging 700 square feet to 1,200 square feet. Individual units include 10-foot ceilings, open kitchen floorplans, modern cabinetry with soft closing doors and drawers, granite countertops in kitchen and bathrooms, stainless-steel appliances, a washer and dryer in every apartment, vinyl plank flooring, impact resistant windows and a private balcony or patio. Community amenities include a resort-style swimming pool, a BBQ and picnic area, a 24-hour fitness center, a multipurpose clubhouse with a kitchen and billiards table, a children play area and complimentary Wi-Fi in common areas.
Located in Palm Beach County, both the Village at Lake Osborne and the Village at Lake Worth are centrally located with fast and easy access to both north and southbound I-95 and are close to the Palm Beach State College, Downtown Lake Worth, Lake Worth Beach Park, John Prince Park, the JFK Medical Center, Palm Beach State and the Palm Beach County Park Airport.