Berkadia Arranges Sale and Financing of 160-Unit South Florida Townhome Community for $25.64 Million
Updated: Dec 29, 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. Director Yoav Yuhjtman, Senior Director Tal Frydman, and Associate Director Nicholas Perrone of Berkadia South Florida represented the seller, Coast Capital Partners led by Guy Sharon and Naya USA led by Yoav Merrary. 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 nearly a 100 percent gain, thanks to property improvements and renovations carried out by the previous owner and South Florida’s competitive multifamily market,” said Yuhjtman. “Oakwood presents a value-add opportunity with a unique unit mix that the buyer, led by Jeronimo Hirschfeld, is specialized in. Their planned enhancements will considerably improve the entire community’s amenities package.”
“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.”
Built in 1993, Oakwood Apartments is located at 2425 Second Avenue North, and comprises160 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.