Avanti Group has purchased a newly-developed multifamily rental in Doral for $102.5 million, the seller, Coral Gables-based Shoma Group, announced.
Sanctuary Doral Apartments, located at 9400 NW 41st Street, sits in the outskirts of Miami-Dade County near the Miami campus of West Coast University.
The six-story property holds 226 units, all of which are fully leased, as well as 27,000 square feet of ground-floor retail space, according to Shoma. Monthly rents average from $2,210 to $3,660 for a 12-month lease, and between $2,410 and $3,860 for a seven-month deal. The sale equates to $453,539 per apartment.
The developer completed the 485,275-square-foot rental complex in 2020, after buying the land for $8.5 million in 2014 and securing a $69 million construction loan four years later, per property records.
The buyer will not assume Shoma’s $84 million bridge loan from Walker & Dunlop, which it secured in 2020, said a Shoma representative.
Led by Masoud Shojaee, the Shoma Group has developed more than 10,000 residential units and over 1 million square feet of retail and office space primarily in the suburbs of Miami, totaling $5 billion in completed real estate transactions since 1988, according to the company.
Source: Commercial Observer
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