A new 226-unit Class A apartment community in Doral netted over $100 million after Avanti Residential acquired Sanctuary Doral Apartments in South Florida from Miami-based Shoma Group, which developed the project featuring resort-like amenities. The purchase is part of Avanti’s growing 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,” says Christian Garner, president of Avanti Residential.
Sanctuary Doral is located at 9400 NW 41st Street in Doral and fronts Doral Boulevard. The project includes outdoor amenities spread over 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. It 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 modern finishes and designer kitchens with island entertainment areas.
Avanti Residential also recently acquired the 341-unit 500 Ocean apartment complex in Boynton Beach for $105 million in July 2021.
“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,” Garner says. “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.
