Palm Beach-Area Community Trades for $26M
- Aug 08, 2018
Berkadia has arranged the $25.6 million sale of Oakwood Apartments, a 160-unit townhome-style apartment community in Lake Worth, Fla. 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.
Additionally, Berkadia Senior Director Brad Williamson and Director Jared Hill have arranged a $19.2 million acquisition loan on behalf of the borrower, One Real Estate Investment. The seven-year, fixed-rate Freddie Mac Green Up loan has a 75 percent loan-to-value 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,” Yuhjtman said in a prepared statement.
Located at 2425 Second Ave. N., Oakwood Apartments is close to Interstate 95 and within 10 miles of downtown West Palm Beach. Retail, dining and entertainment venues are within a five-minute drive in Palm Springs Plaza.
Completed in 1993, the 160 four-bedroom and 1,252-square-foot units of the community are spread across 15 buildings. Common-area amenities include swimming pool, clubhouse, business center, fitness center and playground. According to Yardi Matrix data, the property was 95.6 percent occupied at the time of sale, with rents ranging from $1,500 to $1,700 for renovated units.
“Oakwood presents a unique unit mix and compelling value-add opportunity which our firm specializes in. Our planned enhancements will further improve the entire community’s amenities and interiors,” added Jeronimo Hirschfeld, CEO of One Real Estate Investment.
In another recent Florida deal, Berkadia arranged $73.9 million in financing for two multifamily communities, Advenir at the Oaks in Orlando’s submarket of Ocoee and The Queue Apartments in Fort Lauderdale.
Image courtesy of Berkadia
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