AHS Residential sells a pair of Lake Worth Beach apartment complexes for $82M
Properties total 334 units
AHS Residential sold a pair of Lake Worth Beach apartment complexes for a combined $81.5 million, reflecting ongoing investor appetite for South Florida’s well-performing multifamily market.
Social Housing bought the Village at Lake Osborne at 2430 Lake Worth Road and the Village at Lake Worth at 2220 Lake Worth Road, according to a news release from Berkadia, which represented the seller.
Roberto Pesant and Jaret Turkell led the Berkadia team that marketed the property and closed the deal.
The properties have a combined 334 apartments, meaning the deal breaks down to $244,012 per unit.
It is unclear who leads Social Housing, as the entity is not registered in Florida corporate records and a deed has not yet been recorded that could shed more light on the buyer’s identity.
Records show AHS Residential, based in Miami-Dade County, developed the two communities after paying $1.3 million for the Village at Lake Osborne site and $2.3 million for the Village at Lake Worth property in 2013.
The three-building, 118-unit Village at Lake Osborne was completed in 2017 on 4.7 acres, property records show.
It offers one- and two-bedroom apartments, ranging from 700 square feet to 855 square feet, according to the release.
Roughly a third of a mile to the east is the seven-building, 216-unit Village at Lake Worth, which was completed in 2015 on 7.6 acres property records show.
It offers one- to three-bedroom apartments, ranging from 700 square feet to 1,200 square feet, according to the release.
Units at both communities have 10-foot ceilings, open kitchen floor plans, granite countertops in the kitchens and bathrooms, stainless steel appliances, washers and dryers, impact-resistant windows and private balconies or patios, the release says. They also each have a pool, 24-hour gym, a playground and clubhouse.
AHS, led by Ernesto Lopes, has completed nine South Florida multifamily projects since it was founded in 2012, according to its website.
MRV Engenharia E Participacoes S.A., the biggest homebuilder in Brazil, acquired AHS in 2019.
The sizzling multifamily market has been fueled over the past year by high demand, which has increased rents. This has caught the attention of investors, resulting in multiple high-priced deals.
In 2021, AHS sold several South Florida apartment communities, including one in each of Miami-Dade and Palm Beach counties for a combined $123 million, and another near Homestead for $57 million. Boston-based AEW Capital Management bought all three.