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Sanctuary Doral Apartments Sell for $102 Million During Acquisition

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. 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.