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.
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.