The Oasis at Pearl Lake fetched more than 20 qualified all-cash bids upon the initial placement. The buyer offered the full $6.8 million asking price and the sale closed within 15 days of the initial contract date.

“The high level of demand surrounding the sale of 155 units at the Oasis at Pearl Lake is a positive sign that cash flow is in high demand and that condominium inventory has become more liquid due to the Distressed Condominium Relief Act and continued market recovery,” Mekras says. Domestic and international groups bid on the project.

The Oasis at Pearl Lake Condominium was built in 1988 and was acquired, renovated, and converted to condominiums in 2006. The complex is home to a lakefront clubhouse, tennis courts, a swimming pool and a fitness center. Several premier retailers are located within walking distance, including Walmart, Target, Winn-Dixie, Costco, and The Home Depot.

“A lot of the fractured condominium projects have flushed themselves out,” Mekras says. “There are still a handful of opportunities left. The funds to acquire these properties are in hot pursuit because buyers have typically had success in stabilizing the condo association, reaping some income yield, and they feel there are prospects to sell in the future, if they haven’t already.”