Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Avanti Residential, Shoma Group Swap Doral Luxury Community for $102M
Avanti Residential has acquired Sanctuary Doral, a 226-unit multifamily in Doral, FL, for $102 million ($453,539 per unit). Miami-based Shoma Group, who developed the Class A project in 2020, was the seller.
Walker & Dunlop’s managing director Still Hunter represented Avanti and Shoma in the sale transaction, with senior managing director Trevor Fase arranging the acquisition loan.
“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 and a location serving a growing and upwardly mobile apartment resident demographic,” said Avanti president Christian Garner.
Within eight months of completion, all one- to three-bedroom apartments were leased. Rental rates averaged $2,210-$3,660 for a 12-month lease and $2,410-$3,860 for a seven-month lease.
Sanctuary Doral offers 1.35 acres of open space in addition to a list of amenities that includes a pet spa.
- ◦Sale/Acquisition
