New Jersey firm buys Oakwood Apartments in Lake Worth Beach for $35M

Schweb Partners bought the Oakwood Apartments in Lake Worth Beach for $35.4 million.

Records show that One Real Estate Investment, through an affiliate, sold the townhouse rental community at 2425 Second Avenue North to Schweb Partners.

The 160-unit complex was built in 1993 on 12.6 acres, property records show.

The deal breaks down to $221,250 per unit.

Oakwood Apartments offers four-bedroom townhouses at rents ranging from $1,860 to $2,015 a month, according to Apartments.com. Amenities include a pool and gym.

One Real Estate Investment bought the property for $25.6 million in 2018, records show.

Miami-based One Real Estate, led by Jeronimo Hirschfeld, is a property investor and manager, focusing on multifamily in the Southeast U.S. and Texas, according to its website. Its portfolio spans 5,098 units across 20 properties, with $800 million in asset value.

One Real Estate co-developed the 12-story Wynwood Square mixed-use building with Los Angeles-based CIM Group. The project in the Wynwood Arts District includes apartments, retail and offices.

Schweb Partners is a real estate firm based in Jackson Township, New Jersey.

Developers have been targeting Lake Worth Beach in recent months. In August, the city approved Office America Group’s proposed Deco Green, a 127-unit multifamily project with retail, offices and green space in Lake Worth Beach.

In May, the city approved the 230-unit Advantis apartment project, which will have a cluster of four residential buildings that will range from three stories to five stories.