Shoma Group has sold Sanctuary Doral Apartments, a newly constructed, 226-unit, luxury apartment building in Doral, FL, to Avanti Group. Broker Still Hunter from Walker and Dunlop represented the seller in this $102.5 million, or $453,539 per unit, deal. The six-story building was managed by Shoma Group's management company Shoma MGMT led by Stephanie Shojaee.
Located in one of Miami's most desirable submarkets at 9400 NW 41st St.,Sanctuary Doral Apartments has the largest outdoor space of any Doral rental community, according to Shoma Group, featuring such outdoor amenities as a bike path, mini soccer field, and yoga lawn. Construction of the building was completed in November 2020 and within eight months, the property fully leased all its one- to three-bedroom apartments. Rental rates averaged $2,210-$3,660 for a 12-month lease and $2,410-$3,860 with a 7-month lease.
The sale of Sanctuary Doral comes just over a year after Shoma Group's sold The Flats Apartments at CityPlace Doral in March 2020 for $100 million. The units of this two-tower, 303-unit multifamily development sold for $330,000 each.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
