DORAL, FL - Denver-based Avanti Residential announced the acquisition of Sanctuary Doral, an ultra-luxury 226-unit multifamily community in Doral, FL for $102 million. Avanti purchased Sanctuary Doral from Miami-based Shoma Group, who developed the project with condominium-quality finishes and resort-like amenities in 2020. The acquisition continues the growth of Avanti’s nationwide apartment portfolio and is the second of three South Florida investments the company plans to complete in 2021.
“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’s Managing Director Still Hunter represented Avanti and Shoma Group in the sale transaction, with Senior Managing Director Trevor Fase arranging the acquisition loan.
Sanctuary Doral is located at 9400 NW 41st Street in Doral and fronts Doral Boulevard, the major east/west thoroughfare in Doral. The project includes abundant outdoor amenities in 1.35 acres of open space, including an oversized pool deck with cabanas and day beds, barbeque areas, a large children’s playground and soccer field, a half-acre sculpture garden, and a large pet park and pet spa area. The property also features a deluxe fitness center with a steam room and dry sauna, a game room/lounge area, and a resident business center and conference room. Apartment interiors include high-end, condo-quality finishes and designer kitchens with island entertainment areas. The master plan for the project also includes numerous dining and entertainment choices on site, though this was not a part of the sale.
Avanti Residential has been an active investor in multifamily communities in Florida as the firm expands its nationwide portfolio. The company acquired the 341-unit 500 Ocean apartment complex in Boynton Beach, FL for $105 million in July 2021, and is nearing completion on a similar sized purchase in the Tampa, FL area by the end of the year.
“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,” added Garner.
A key factor in Avanti’s investment strategy is to buy in markets with strong population and employment growth patterns. Doral’s population has grown by 36% since 2010, making it the fastest growing large city in Florida and the fourth fastest growing large city in the U.S.
“We believe the current economic environment presents the opportunity to acquire apartments in high-demand locations and where strong market fundamentals support further growth potential,” added Garner.