• OREI

Lake Worth apartments sell to Miami firm for $26M

Updated: Dec 29, 2018

The Oakwood Apartments in Lake Worth were sold to Miami-based One Real Estate Investment for $26 million.

Palm Club Investments LLC, managed by Yoav Merary in Hollywood and Guy Sharon in Alpharetta, Georgia, sold the 160 apartments at 2425 Second Avenue North to One Real Estate Investment, led by Chairman and CEO Jeronimo Hirschfeld. Berkadia’s Yoav Yuhjtman, Tal Frydman and Nicholas Perrone brokered the deal and arranged for a $19.231 million Freddie Mac loan.

The price equated to $162,500 a unit.

One Real Estate Investment acquired the Oakwood Apartments in Lake Worth.

The apartment complex, which totals 200,320 square feet, last traded for $12.9 million in 2014, so the property more than doubled in value in four years. It was built on the 12.6-acre site, just north of Lake Worth Road and west of Interstate 95, in 1993.

It was formerly known as the Palm Club Apartments.

“We are very pleased to be expanding our portfolio in our home state,” Hirschfeld said. “This brings our current combined portfolio in Florida and Texas to 16 properties totaling more than 6,000 units.”

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