Denver-based Avanti Residential has acquired Sanctuary Doral, a 226-unit luxury multifamily community in Doral, Florida, from Miami-based Shoma Group for $102.5 million, or $453,539 per unit.
Shoma Group completed the development with condominium-quality and resort-like amenities in November 2020. Within eight months, the property’s one- to three-bedroom apartments were fully leased, with rents averaging between $2,210 and $3,660 for a 12-month lease and $2,410 to $3,860 with a seven-month lease.
Sanctuary Doral features 1.35 acres of open space, including an oversized pool deck with cabanas and day beds, barbecue areas, a children’s playground, a soccer field, a sculpture garden, and a large pet park and pet spa area. It also includes a deluxe fitness center with a steam room and dry sauna, a game room and lounge area, and a resident business center and conference room. The master plan for the development also includes on-site dining and entertainment choices; however, this was not part of the sale.
“We think this is a tremendous investment opportunity on so many levels, with design and quality attributes befitting the highest-quality for-sale condominium complexes in the market, plus the project is in a prime location serving a growing and upwardly mobile apartment resident demographic,” said Christian Garner, president of Avanti Residential.
Walker & Dunlop managing director Still Hunter represented Avanti and Shoma Group in the transaction, with senior managing director Trevor Fase arranging the acquisition loan.
The acquisition continues the growth of Avanti’s nationwide portfolio. An active investor in multifamily communities in Florida, this marks the second of three South Florida deals the company plans to complete this year. It acquired the 341-unit 500 Ocean community in Boynton Beach for $105 million in July and is nearing completion on a similar-sized transaction in the Tampa area by the end of 2021.
“We recognize the strong apartment demand in South Florida, where our acquisition team has successfully partnered with local market experts to uncover attractive core-plus investments that outperform many of the value-add investment opportunities that we see in other markets,” said Garner.
This transaction also marks Shoma Group’s second sale during the pandemic. It sold the 303-unit Flats Apartments at CityPlace Doral in March 2020 for $100 million.
“Doral’s rapid growth has been exciting to watch,” said Masoud Shojaee, president and chair of the board at Shoma Group. “South Florida has always served as a focal point for excellence in lifestyle and development, and I am pleased to see Doral joining the conversation as a desirable, opportunity-rich location to build South Florida’s future.”
