Canadian firm offloads its Broward apartments for $10M
An affiliate of Toronto’s Brass Enterprises, a real estate firm that trades in apartments, just sold its Oakland Park rental complex for $10 million.
Brass originally paid $7 million for the Oasis Apartments at 131 Northeast 38th Street in 2012. The community has a total of 140 units spread out over 3.7 acres. Its seven mid-rise buildings were first built in the 1970’s, according to the Broward County property appraiser.
Through a deed recorded Thursday, Brass sold Oasis to Felice Mehaber, the vice president of a Hollywood property management firm named Coastline Management Group. The buyer financed its purchase with an $8 million loan from Valley National Bank.
John DeSalvio of Charles Rutenberg Realty and Ron Meyerson of Melo Real Estate brokered the deal.
The price breaks down to $71,428 per unit. That’s a big premium over the $50,000 per unit Brass bought Oasis for roughly three years ago.
The Toronto real estate firm was originally formed to buy Canadian apartment complexes, though in recent years it has expanded into South Florida and Texas.
In June 2015, Brass also offloaded another apartment complex in Broward for a cool $6 million.