BETHESDA, MD - Walker & Dunlop announced that its subsidiary, Walker & Dunlop Investment Sales, has closed a $135,000,000 sale for The Manor CityPlace Apartments, a 398-unit, upscale multifamily property in Doral, Florida, one of South Florida's most sought-after submarkets.
Roberto Pesant and Chris Conklin led the WDIS team, which acted as advisor to the seller, The Related Group. The asset was purchased by TA Realty, a private real estate investment firm.
Mr. Pesant commented, "The transaction represents a unique opportunity to acquire a stabilized, trophy property in a high-growth market." Home to large employers such as the Federal Reserve, Carnival Cruise Lines, Miami Herald, Telemundo, PepsiCo, BE Aerospace, and Amazon, Doral has been the fastest growing city in Florida over the past decade and was the eleventh fastest growing city in the country.
The property sits on 5.7 acres and is uniquely positioned within walking distance of the new CityPlace Doral, a 55-acre destination retail center. The new attraction opened in March 2017, and features over 40 entertainment, dining, and shopping options to include a Fresh Market, Improv Comedy Club, BurgerFi, and more.
Built in 2014, the six-story multifamily complex includes 398 units with a mixture of studios, one-, two-, and three-bedroom floor plans. Inspired by international luxury resort design, each unit includes premium fixtures, finishes, and private balconies and patios.
The property's resort-style community amenities include an array of outdoor features such as a waterfall jacuzzi, pool with personal cabanas and daybeds, outdoor summer kitchen with fireplace and barbecue area. The interior amenities include a game room, private movie theater, dedicated yoga studio, virtual spinning room, state-of-the-art fitness studio, and cyber lounge with coffee bar.