Shoma Group Sells Sanctuary at Doral 226-Unit Multifamily For $102.5 Million

The Coral Gables-based Shoma Group, led by Masoud and Stephanie Shojaee, have sold their recently completed Sanctuary at Doral multifamily apartment building for $102.5 million to the Denver-based Avanti Group. The 226-unit multifamily property is located at 9400 NW 41st St. The sale price breaks down to roughly $453,539 per unit and the property was fully leased at the time of sale. The transaction was overseen by Still Hunter of Walker & Dunlop.

Shoma Group acquired the 7.2 acre site in 2014 for $8.5 million and completed Sanctuary at Doral in December 2020. The property was fully leased within 8 months of completion.

Sanctuary at Doral offers one, two, and three bedroom residences with floorplans which feature state-of-the-art finishes and cater to a variety of renters offering infinite indoor and outdoor resort-style amenities, along with a vibrant social scene and close proximity to trendy shops, diverse entertainment venues, and arts culture. Situated on 7.2 acres of land, Sanctuary at Doral boasts the largest outdoor space of any rental community in Doral and is primed for outdoor entertaining and relaxation offering lushly landscaped courtyards, and contemporary art and sculptures throughout the property. Amenities include a resort style pool, mini soccer field, bike path, yoga lawn, state-of-the-art fitness facility, pet spa and residents clubhouse.

Images via Shoma Group

Bar Invest Group Acquires 358-Unit Pembroke Pines Multifamily For $79.5 Million

Bar Invest Group, led by Herve Barbera, has acquired the 358-unit The Landings at Pembroke Lakes for $79.5 million, roughly $222,000 per unit. The property traded at a reported 4.5% cap rate and was 95% occupied at the time of sale. The seller was Starwood Capital Group who acquired the garden style multifamily property in 2016. The transaction was completed via an Entity Purchase, which involves transferring the LLC which owns the asset and not the deed, which is used in order to avoid paying documentary stamp taxes. The sale was financed with a $52.88 million loan provided by BankUnited NA. The transaction was overseen by Kaya Suarez and Still Hunter with Walker and Dunlop.

The Landings at Pembroke was developed in 1989 and is located on a 26.6 acre site at 10650 Washing St. in Pembroke Pines. The property features seventeen garden-style buildings with units ranging from one to two-bedroom layouts and from 486 square feet to 1,046 square feet. Bar Invest plans to execute a value add strategy and renovate the property by updating the common areas and apartment interiors. Amenities include a fitness center, pool, grill area, tennis and volleyball courts, racquetball, laundry facilities, business center and on-site management.