The Real Deal Miami

One Real Estate buys Lake Worth apartments for $26M

The seller, Naya USA, paid $13M for the complex in 2014
By Keith Larsen | August 02, 2018 12:30PM

One Real Estate Investment CEO Jeronimo Hirschfeld and Oakland Apartments

UPDATED, Aug. 2, 6:05 p.m: Naya USA Investment & Management just sold an apartment complex in Lake Worth for twice what it paid for the property four years ago.

The Hollywood-based company sold the 160-unit, 200,000-square-foot development at 2425 Second North Avenue for $25.6 million, about two times the $12.9 million that Naya paid for the property in 2014. One Real Estate Investment, led by Jeronimo Hirschfeld, bought the complex, known as Oakwood Apartments.

One Real Estate paid about $160,000 per unit. The complex, built in 1993, is near Palm Beach College. It’s 96 percent occupied, Hirschfeld, chairman and CEO, said. The apartments are all four-bedrooms and each rent for about $1,500.

Hirschfeld plans to upgrade the clubhouse, gym and pool, as well as add a new children’s playground. He was attracted to the property’s large, four-bedroom units.

Tal Frydman, Yoav Yuhjtman, Nicholas Perrone of Berkadia represented the seller, according to a press release. Berkadia’s Brad Williamson and Jared Hill also arranged a $19.23 million seven-year, fixed-rate loan for the buyer to finance the deal.

One Real Estate has acquired a portfolio of more than 6,000 multifamily units in Texas and Florida. The company is planning to break ground on a 12-story mixed-use project at 2201 North Miami Avenue in Wynwood called Wynwood Square in the next few months.

The seller, Naya, recently paid $17.7 million for an office building at 6301 Northwest Fifth Way in Fort Lauderdale.

Senior Director Tal Frydman, Director Yoav Yuhjtman, and Associate Director Nicholas Perrone of Berkadia South Florida represented the seller,