Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Oasis, a 141-unit apartment property located in Oakland Park, Florida, according to Ryan Nee, vice president / regional manager of the firm’s Fort Lauderdale office. The asset sold for $13,500,000.
“The Oasis was acquired approximately 12 months ago for $10 million. The sellers added value to the net operating income through excellent management and interior/exterior cosmetic repair,” states Derek R. Gibbs, first vice president investments, in Marcus & Millichap’s Fort Lauderdale office.
Daniel J. Cunningham, first vice president investments, Gibbs and Evan Richardson, associate, all in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company, and procured the buyer, an individual/personal trust.
“The buyers for The Oasis had recently refinanced and owned property nearby. The property’ unit mix complimented what they were looking to accomplish, including the remaining upside to be gained,” continues Cunningham.
The Oasis is located at 3870 North Andrews Avenue in Oakland Park. The property was built between 1970 and 1976, and consists of seven buildings on five individual parcels. All of the buildings are two-story walk-ups with exterior catwalks, except for one three-story building where the leasing office is located. The buildings are situated in a park-like setting on a large 3.7-acre site, with the buildings surrounding lushly-landscaped grounds and two swimming pools.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
