The Oasis apartments in Oakland Park were sold for $13.5 million, a 35 percent gain from their last trade 19 months ago.
Oasis Square, managed by Eyal Mehaber and Felice Mehaber of Coastline Management Group in Hollywood, sold the 141-unit complex at 3870 N. Andrews Ave. and 131 to 161 N.E. 38th Street. According to a source with knowledge of the deal, the buyer Oasis by Ram LLC is owned by Queens Flowers, managed by Herbert Jordan and Axel Jordan of Colombia. Berkadia Commercial Mortgage provided a $10.1 million loan to the buyer.
The deal was brokered by Marcus & Millichap’s Derek R. Gibbs, Daniel J. Cunningham and Evan Richards.
It last traded for $10 million in January 2016.
“The sellers added value to the net operating income through excellent management and interior/exterior cosmetic repair,” Gibbs said.
The Oasis Apartments were built on the 3.7-acre site between 1970 and 1976. It includes two pools.
“The buyers for the Oasis had recently refinanced and owned property nearby,” Cunningham said. “The property’ unit mix complimented what they were looking to accomplish, including the remaining upside to be gained.”