Avanti Group has purchased a newly-developed multifamily rental in Doral, Fla. for $102.5 million, the seller, Coral Gables-based Shoma Group, announced.
Sanctuary Doral Apartments, located at 9400 NW 41st Street, sits in the outskirts of Miami-Dade County near the Miami campus of West Coast University.
The six-story property holds 226 units, all of which are fully leased, as well as 27,000 square feet of ground-floor retail space, according to Shoma. Monthly rents average from $2,210 to $3,660 for a 12-month lease, and between $2,410 and $3,860 for a seven-month deal. The sale equates to $453,539 per apartment.
The developer completed the 485,275-square-foot rental complex in 2020, after buying the land for $8.5 million in 2014 and securing a $69 million construction loan four years later, per property records.
The buyer will not assume Shoma’s $84 million bridge loan from Walker & Dunlop, which it secured in 2020, said a Shoma representative.
Led by Masoud Shojaee, the Shoma Group has developed more than 10,000 residential units and over 1 million square feet of retail and office space primarily in the suburbs of Miami, totaling $5 billion in completed real estate transactions since 1988, according to the company.
In recent years, Shojaee has been entangled in legal fights with his family. His ex-wife and former partner, Maria Lamas, is suing the developer over alleged unauthorized construction at the group’s Coral Gables headquarters, while his daughters, Anelise and Lilibet Shojaee, are fighting to get a hold of Shoma’s financial records, The Real Deal reported.
Julia Echikson can be reached at email@example.com.