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

Deal equates $221K per unit

Miami /
Nov.November 22, 2021 10:30 AM
The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)

The Oakwood Apartments at 2425 Second Avenue North in Lake Worth Beach (Google Maps)

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.





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