Morgan Properties Acquires 3 Multifamily Communities In West Palm Beach For $132.5 Million

The Pennsylvania-based Morgan Properties has acquired three apartment communities in West Palm Beach totaling 622 units. Berkadia International Solutions’ Berkadia Miami completed the $132.5 million sale on behalf of the seller, Massachusetts-based Northland Investment Corporation.

The Pennsylvania-based Morgan Properties has acquired three apartment communities in West Palm Beach totaling 622 units. Berkadia International Solutions’ Senior Managing Director Jaret Turkell along with Senior Managing Director Roberto Pesant, Associate Omar Morales and Senior Analyst Jose Mota of Berkadia Miami completed the $132.5 million sale on behalf of the seller, Massachusetts-based Northland Investment Corporation. The properties which traded include Windward at the Villages, The Royal St. George and Village Place. The deal was financed with a bridge loan secured by Director TJ Piper of Berkadia Philadelphia.

“An unprecedented wave of corporate relocations to West Palm Beach in the last year, combined with a shortage of rental housing in Palm Beach County, has produced a very tight apartment market with strong rent growth drivers,” said Turkell. “As a result, investor appetite for well-located multifamily assets has been extremely strong and is projected to remain that way for the foreseeable future.”

Windward at the Villages is located at 1441 Brandywine Road. The 196-unit property features one- and two-bedroom floor plans with air conditioning, a private balcony and in-unit washers and dryers. Community amenities include a swimming pool, a fitness center, a tennis court and a playground.

The Royal St. George is a 224-unit property located at 1651 Brandywine Road. The property features one-, two- and three-bedroom floor plans with air conditioning, in-unit washers and dryers, walk-in closets and a private patio or balcony. Community amenities include a swimming pool, a fitness center, a picnic area and a dog park.

Village Place is located at 2111 Brandywine Road. The 202-unit property features one-, two- and three-bedroom floor plans with air conditioning, in-unit washers and dryers, walk-in closets and a private patio or balcony. Community amenities include a swimming pool, a hot tub, a fitness center and a picnic area.

The properties afford residents convenient access to Palm Beach International Airport, the Palm Beach Outlets, Interstate 95 and West Palm Beach.

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PROFILE Exclusive Podcast Season 1 Episode 8 Featuring Ronny Finvarb of Finvarb Group

Season 1 Episode 8 of the PROFILE Exclusive Podcast by PROFILEmiami features Ronny Finvarb of Finvarb Group. Ronny Finvarb is Principal of the Finvarb Group, a real estate development and investment company specializing in developing and owning award-winning hospitality projects including mixed-use hotels.

Season 1 Episode 8 of the PROFILE Exclusive Podcast by PROFILEmiami features Ronny Finvarb of Finvarb Group. Ronny Finvarb is Principal of the Finvarb Group, a real estate development and investment company specializing in developing and owning award-winning hospitality projects including mixed-use hotels in premium urban locations and in emerging and underserved markets throughout the United States. The Finvarb Group portfolio includes multiple Marriott-branded hotels in Florida, Texas and Arizona.

Ronny recently developed the Kimpton Palomar South Beach which serves as a gateway to Miami’s Sunset Harbor neighborhood and is home to Osteria Morini which just won “Best Italian Restaurant” and “Best Brunch” in Miami. Ronny also just broke ground on the highly-anticipated Thompson South Beach.

Ronny holds B.B.A. and J.D. degrees from the University of Miami and is a member of The Florida Bar. He previously served as Executive Director of Business & Legal Affairs for two publicly-traded companies, including a division of General Electric (NYSE: GE), and also for one of the largest privately-held media, entertainment, telecommunications, technology and consumer products organizations in the world, the Cisneros Group. Ronny is also an active member of YPO, the premier leadership organization of chief executives in the world as well as is a member of the University of Miami Master of Real Estate Development and Urbanism (MRED+U) Advisory Board.

The PROFILE Exclusive Podcast by PROFILEmiami, the leader in South Florida residential and commercial real estate news and content, profiles and gets intimate with the movers and shakers in the South Florida real estate industry. Throughout the series we will interview and get inside the minds of South Florida's top developers, investors, brokers, architects, designers, etc. The PROFILE Exclusive Podcast is hosted by Demetri Demascus Co-Founder of PROFILEmiami and Director of Business Development at private equity group Galium Capital as well as Katya Demina, Co-Founder of PROFILEmiami and Development Associate at development firm Royal Palm Companies.

This Podcast is Presented By:

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Sumaida + Khurana and Bizzi & Partners Announce Alberto Campo Baeza-Designed Office Building In South beach

Two internationally recognized real estate development firms – Sumaida + Khurana and Bizzi & Partners - have announced a new JV to develop best-in-class buildings across the United States. Their first project is an office building located in South Beach and designed by renowned Spanish master architect Alberto Campo Baeza.

Two internationally recognized real estate development firms – Sumaida + Khurana and Bizzi & Partners - have announced a new joint venture to develop best-in-class buildings across the United States. Their first project is an office building located in South Beach and designed by renowned Spanish master architect Alberto Campo Baeza. The developers’ objective is to deliver a Class A+ building that sets a new benchmark for architecture and quality in the office market. Perfectly situated at the entrance to Miami Beach from the MacArthur Causeway, it will be Baeza’s first building in Miami, as well as his first commercial building in the United States. Sumaida + Khurana is led by Saif Sumaida and Amit Khurana. Bizzi & Partners is headed by CEO Davide Bizzi and Managing Director Alessandro Pallaoro.

Bizzi & Partners and Sumaida + Khurana are individually known the world over for developing some of the most significant real estate projects in the world, collaborating with critically acclaimed designers. Bizzi & Partners, which has offices in New York, Milan, São Paulo, and Tallinn, worked with Pritzker Prize winning architect Renzo Piano to design both 565 Broome SoHo in Manhattan and Eighty Seven Park in Miami. The firm also developed the Langham Hotel in New York, designed by Charles Gwathmey. The firms recently decided to collaborate and will develop a wide range of luxury residential and commercial buildings across America through the new partnership. New York-based Sumaida + Khurana collaborated with Pritzker Prize winning architect, Tadao Ando to design 152 Elizabeth Street, as well as Pritzker Laureate, Alvaro Siza for 611 West 56th Street.

While the firms have generally focused on luxury residential development, the new partnership is also focused on elevating the quality level of office development by delivering the architectural pedigree, custom quality finishes, bespoke amenities and services delivered at their residential projects.

“We are happy to be entering into this new joint venture and are excited by the opportunity to be collaborating with Alberto Campo Baeza. His work speaks to both firms’ shared set of beliefs to create timeless buildings that are contextually appropriate and that thoughtfully consider the historic architecture of neighborhoods like South Beach,” said Davide Bizzi, Chief Executive Officer, Bizzi & Partners.

“We have a great deal of respect for one another’s projects and approach to development. We share in the vision to create seminal buildings that add significant value to the built environment. Alberto Campo Baeza’s buildings are known for their purity of design and subtle detailing. Similar to the other projects that our firms have developed, Campo Baeza’s design will provide the opportunity to deliver a building of exquisite craftsmanship and quality,” said Amit Khurana, Founding Partner, Sumaida + Khurana.

In the coming months, Sumaida + Khurana and Bizzi & Partners plan to release more details about the Baeza building, which is expected to start construction next summer. Project executive architect is the award-winning firm, Cube 3. World renowned architecture firm, Gabellini Sheppard is designing interiors. Miami-based Urban Robot Associates is the project’s landscape architect.

The building will be made of white concrete, glass, and marble. Many of its features including high ceilings, open and flexible floorplans, expansive private outdoor terraces for all offices, floor-to-ceiling windows, a fitness center, multiple F & B venues, and a large atrium that opens up all of the offices to a dramatic experience of light, air, and outdoor space for tenants, and a private rooftop with expansive water views.

Based in Spain, Baeza has been widely recognized for his work including winning his country’s National Prize for Architecture in 2021. He has designed the Houses Turégano and de Blas, both in Madrid, the Gaspar House, Asencio House in Cádiz, Rufo House in Toledo and Moliner House in Zaragoza. He has also designed the BIT Center in Inca-Mallorca, the public space Between Cathedrals, in Cádiz, the Caja de Granada Savings Bank and the Museum of Memory of Andalucía, both in Granada. In 2020, he won the competition for the new bridge over the Piave River in Belluno, Venice.

Bizzi & Partners and Sumaida + Khurana are currently in the process of finalizing details on additional developments they plan to announce in the near future.

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Lerner Acquires Motion at Dadeland High-Rise Multifamily For $114 Million

The Maryland-based Lerner Enterprises has acquired Motion at Dadeland for $114 million from the development partnership of 13th Floor Investments, Adler Group and Barings. Lerner received a loan from capital managed by KKR to finance the acquisition.

The Maryland-based Lerner Enterprises has acquired Motion at Dadeland for $114 million from the development partnership of 13th Floor Investments, Adler Group and Barings. Lerner received a loan from capital managed by KKR to finance the acquisition. Newmark's South Florida office led by Avery Klann exclusively represented the seller, while JLL's Rob Carey (Washington, DC office) and Ted Taylor (South Florida office) along with Newmark's Debt and Structured Finance team of Kassi Saridakis (Washington, DC office) and Matt Williams (South Florida office) advised Lerner on the transaction.

Motion at Dadeland is a 25-story class A+ multifamily high-rise community comprised of 294 market-rate apartments and 8,246 SF of amenity-based retail, including a preschool slated to open Q4 2021. The building is located at 8400 S. Dixie Highway, adjacent to Dadeland North Metrorail Station in Miami, Florida. Lerner will also be the property and asset manager of Motion at Dadeland.

"We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida," said Melissa Balkin, Managing Director, Lerner Residential Florida.

Founded in 1952, Lerner is a developer, owner and manager of office, multifamily, retail and hospitality assets primarily in the greater Washington, DC region but also in other markets such as New York City and Florida. Lerner is also the owner of the Washington Nationals Baseball Club, the 2019 World Series Champions. Lerner's expertise in the Florida markets began with the Nationals' 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.

"We are thrilled to add to our Florida portfolio with the acquisition of Motion at Dadeland. Lerner is aggressively pursuing multi-family assets across Florida, focused primarily on the tri-county regions of Palm Beach, Broward and Miami-Dade counties. Motion will be a cornerstore asset in our portfolio for many years and we are pleased to complete our first transaction with KKR as a lender," reported Michael L. Cohen, Vice President of Investments at Lerner.

Motion at Dadeland, a transit-oriented development, is located within a ½ mile of nearly 2 million square feet of office with nearly 12 million square feet across the Dadeland submarket. Motion is also across the street from Dadeland Station which is home to Target, Best Buy, Dick's Sporting Goods, Bed Bath and Beyond, Michaels and PetSmart. The property is also walking distance from Dadeland Mall, which is the home of Tesla, Apple Store, Cheesecake Factory, Chick-Fil-A, LEGO, Coach, Disney Store, Macy's Florida Flagship, JC Penney, Zara, Lacoste and Saks Fifth Avenue.

Image via 13th Floor Investments

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Global Law Firm Reed Smith Signs 22K SF Lease at Southeast Financial Center in Downtown Miami

JLL has announced that Reed Smith, an international law firm placed in The American Lawyer's AmLaw 50, has leased 22,495 square feet of office space on the 26th floor of Southeast Financial Center, downtown Miami’s premier office tower.

JLL has announced that Reed Smith, an international law firm placed in The American Lawyer's AmLaw 50, has leased 22,495 square feet of office space on the 26th floor of Southeast Financial Center, downtown Miami’s premier office tower. The law firm, previously located in Brickell, is relocating to downtown as it seeks to expand its presence in Miami.

Reed Smith was represented by Barbara Liberatore Black, Managing Director of JLL South Florida, and Jeff Gordon, Executive Vice President. On the agency leasing side, Eric Groffman, Managing Director, and Cameron Tallon, Senior Vice President, represented the building’s ownership, Ponte Gadea Biscayne.

Reed Smith, which established its Miami presence in 2017, has 30 offices worldwide. The firm’s Miami office is home to lawyers whose practices focus on commercial disputes, entertainment and media, finance, insurance recovery and international arbitration. The Miami team also has deep connections to clients across Latin America.

“In the four years since establishing a presence in Miami, we have built a formidable team with strong relationships within the region’s business and legal communities and the state and local government, while also advising domestic and global companies currently or seeking to do business in South Florida,” said Constantine Karides, managing partner of Reed Smith’s Miami office.  “As a result, when considering relocation, we prioritized a space that allowed for continued and sustained growth and served as a physical representation of Reed Smith’s reputation in the market – thriving, soaring, energetic, and well-connected.  Southeast Financial Center met each of those criteria and I speak for all of my Miami-based colleagues in expressing our excitement in making the move.”

Situated in the heart of downtown Miami’s Central Business District, Southeast Financial Center has a total of 1.2 million square feet, making it the city’s tallest and largest office tower. The property is comprised of a 55-story office tower and features a 30,000-square-foot outdoor plaza, complete with beautiful landscaping, seating area and café and dining options. The tower also sits across from the city’s free Metromover and less than a mile from I-95, making it one of downtown’s best-connected office buildings.

“Miami continues to see an influx of businesses relocating or expanding here, with Southeast Financial Center being one of the most sought-after office addresses,” said JLL’s Eric Groffman. “Southeast Financial Center is the tower of choice because it puts its tenants door-to-door with some of the city’s leading financial and professional services firms and provides access to residential towers, major retail lifestyle destinations and numerous cultural and performing venues.”

By Katya Demina

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Foster + Partners-Designed Safra National Bank Headquarters Revealed As 3050 Aventura

Following the demolition of the Safra National Bank building in Aventura, site work is now underway on 3050 Aventura. The new office building will serve as the headquarters for Safra National Bank of which an affiliate, 3050 Aventura Owner LLC, is developing the project.

Following the demolition of the Safra National Bank building in Aventura, site work is now underway on 3050 Aventura. The new office building will serve as the headquarters for Safra National Bank of which an affiliate, 3050 Aventura Owner LLC, is developing the project. 3050 Aventura will replace the former 3-story office building which was built in 1991 and acquired by Safra National Bank for $11.5 million in 2009.

Plans for 3050 Aventura were first submitted to the City of Aventura in December 2020 to redevelop the 1.31-acre site. 3050 Aventura was designed by Foster + Partners with ODP Architects as the architect of record. The project will rise 12-stories and will feature 113,650 SF of office space along with 386 below-grade parking spaces. Plaza Construction is the general contractor. The project expects to receive LEED Gold Certification.

Safra National Bank of New York is a commercial banking institution that serves high-net-worth individuals, large businesses, and international corporations through branches in New York and Miami. Safra National Bank offers wealth management, brokerage services, bond trading, lease financing, and correspondent banking. Safra National Bank of New York is affiliated with Banco Safra S.A., one of the largest private banks in Brazil which was founded by Brazilian billionaire-banker Joseph Safra.

Images via ODP Architects

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ROVR Development's Grand Station Apartments Receives TCO In Downtown Miami

Grand Station Apartments, a transformative collaboration between Miami-based ROVR Development and the Miami Parking Authority (MPA), has received its TCO and residents have started to move-in. The $70 million, 30-story apartment tower, located at 240 North Miami Avenue, features 300 apartment residences.

Grand Station Apartments, a transformative collaboration between Miami-based ROVR Development and the Miami Parking Authority (MPA), has received its TCO and residents have started to move-in.

The $70 million, 30-story apartment tower, located at 240 North Miami Avenue, features 300 apartment residences, and brings a combination of residential floorplans to MPA’s headquarters, while expanding the existing garage at Courthouse Center with 350 parking spaces.

Led by Principals Oscar Rodriguez and Ricardo Vadia, ROVR is developing the project, and Monument Real Estate Services (MRES), an A-Rod Corp Company, will be the property manager.

Designed by Miami-based Zyscovich Architects and Anillo, Toledo, Lopez LLC, Grand Station will bring residents within proximity of Miami’s most important transit systems. Government Center’s Metrorail, Metromover and bus hubs, as well as MiamiCentral which features the tri-county rail service Brightline and will eventually include TriRail, are within a five-minute walk of the property.

Studios, one- and two-bedroom units will feature high-end finishes such as custom Italian cabinets, stainless steel appliances, quartz countertops, walk-in closets and a full-size washer and dryer. Effective rents range from $1783 to $2300.

“We are very proud to have worked alongside the Miami Parking Authority (MPA) to conceptualize, and ultimately realize this wonderful project,” said Rodriguez. “It creatively maximizes MPA’s space, allowing them to enhance their existing facilities.”

“Transit-oriented developments are key to our city’s urban evolution,” said Vadia. “The building’s accessibility to Miami Dade College, the Health District and downtown as a whole ideally positions Grand Station.”

Grand Station Apartments brings a cosmopolitan flair with a vast array of indoor and outdoor amenities. The development includes an expansive New York-inspired rooftop terrace, an outdoor kitchen with grilling area and an oversized swimming pool with sun deck and several hot tubs, offering residents extraordinary views of the city scape.

An upscale amenities deck with a variety of Class A finishes features a full-size state-of-the-art fitness center, wellness treatment and spa rooms with an indoor heated soaking pool, a computer and business center, and a clubroom, as well as an indoor/outdoor spa to unwind. The community also includes a concierge service, dog spa with pet station, bike storage and 24-hour package lockers.

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Location Ventures Launches Condo Sales For URBIN Mixed-Use Condo, Co-Working Lifestyle In Miami Beach and Coconut Grove

The desire to live and work in city centers throughout the world is often met with challenges in accessibility, mobility, and sustainability…until now. Location Ventures, a Miami-based, integrated real estate platform that delivers fully-connected residential and mixed-use projects, has announced the launch of residential sales for URBIN.

The desire to live and work in city centers throughout the world is often met with challenges in accessibility, mobility, and sustainability…until now. Location Ventures – a Miami-based, integrated real estate platform that delivers thoughtfully-designed and fully-connected residential and mixed-use projects – announced today the launch of residential sales for URBIN. A first-to-market, mixed-use brand, URBIN unites design-forward residences for short- or long-term rent with all-inclusive co-working spaces, wellness amenity programming, social activations, and lifestyle-oriented retail, all in one central address.

URBIN has initiated condo presales for its first location in Miami Beach, marking the first phase of the brand’s official launch with 60 percent pre-sold in the first 30 days. The launch of presales for a second location in Coconut Grove will immediately follow to meet growing demand. The brand will further scale with additional locations in key markets throughout the U.S., designing each to fit into the context of its carefully selected setting.

With exclusive sales and marketing representation by ONE Sotheby’s International Realty, URBIN presents turnkey units, designed in a collective living style. Priced from $400,000, residences will be available in diverse floor plans. In Miami Beach, studios will start at 275 square feet and expand to spacious multi-room residences that range from two- to four-bedrooms at up to 1,334 square feet. In Coconut Grove, residences range from studios at 331 square feet to six bedrooms at 2,352 square feet. Both locations will feature fewer than 100 units to allow for a tailored and more private living experience.

As an opportunity to own property in one of the world’s most sought destinations through URBIN, owners will have exclusive access to a lease-back program with the dual freedom to stay on property for up to 90 nights per year. While away, the residence is professionally managed by the brand and available for rent.

“URBIN celebrates a new way of living by bringing people together through home, work, and wellness in a single setting,” said Rishi Kapoor, CEO of Location Ventures. “Through integrating quality design, technology, wellness and social programming, we’re hoping to foster community and enable a high-quality of life in these city-centric ‘urban’ neighborhoods.”

URBIN residences will offer various layouts and provide a selection of shared spaces per unit, such as a common kitchen, dining and living area. The contemporary-designed condos are fully furnished and include efficient layouts to maximize space, while featuring high-end fixtures and Energy-Star stainless steel appliances, and plenty of storage space. Enticing, service-driven amenities, such as housekeeping, room service, and valet are complemented by on-site food and beverage venues; a wellness center with programming for mindfulness, movement, nourishment, and healing; and a rooftop pool deck with green spaces and lounge areas.

From owners of large enterprises to remote workers, URBIN’s co-working space brings a heightened level of service to the work experience. Members are given access to bespoke support tools, including consulting, administrative and networking, to further drive their business goals. Those who utilize the space are not required to live on property; however, members who both live and work at URBIN unlock exclusive rates.

URBIN Miami Beach, located at 1260 Washington Ave., is designed by Touzet Studio, led by Carlos Prio-Touzet and Jacqueline Gonzalez-Touzet. The building’s façade will complement the playful energy of Miami Beach, featuring geometric styles and colors found throughout the neighborhood with a nod to its Art Deco heritage. Its common area and amenity interiors are curated by Meyer Davis, the award-winning design studio from New York City. The property will undergo a complete renovation to the existing 33,488-square-foot site, in addition to the ground-up development of a 44,000-square-foot building.

URBIN’s second location is at 3162 Commodore Plaza in Coconut Grove, a less than five-minute walk from the newly-unveiled CocoWalk. Arquitectonica and Paredes Architects designed the exterior to integrate seamlessly with the contemporary new builds in the surrounding area. The residences will feature interior design by am studio, a boutique design collaborative committed to creating cohesive, resourceful, and oneiric spaces. The development of URBIN Coconut Grove will include the conversion of a nearly 33,000-square foot commercial building, roughly 5,000-square-foot restaurant, and 23,490-square-foot property, as well as a ground-up development.

URBIN will join the renaissance and expansion currently underway on Washington Avenue and Commodore Plaza – two streets situated in two of the city’s most thriving and in-demand districts. The sales launch of URBIN aims to reach both domestic and international investors attracted to South Florida by providing a unique live-work-well offering in the market.

For more information, please visit www.urbincondos.com or call 305.376.7274.

About URBIN

URBIN is a first-to-market, mixed-use brand with properties situated in renowned locations, offering an authentic, responsible, and flexible lifestyle when living and working in city centers. The first two locations will be in Miami Beach and Coconut Grove, Florida, with additional locations in key U.S. markets forthcoming. URBIN, developed by Location Ventures, the Miami-based real estate investment and development firm, has a vision to create places where one can live, work, and seek wellness in the heart of coveted neighborhoods. Each property will feature a membership-based platform and unite condos with all-inclusive co-working spaces, wellness amenities and programming, social activations, and lifestyle-oriented retail. URBIN features design-forward, turnkey rental residences with a select number available for purchase. Owners can enjoy their abode for personal use, for up to 90 nights per year; while away, the residence is professionally managed by the brand and available for rent through the property’s exclusive lease-back program. Exclusive sales and marketing for URBIN residences is by ONE Sotheby’s International Realty.

URBIN is backed by investors David Martin, CEO of Terra Group; Rudy Touzet, CEO of Banyan Street Capital; the Murphy family of Coastal Construction; former New York Jets and New Orleans Saints linebacker Jonathan Vilma; Gabriel Navarro, Marcel Navarro and Martin Pico of MMG Equity Partners; Marty Halpern of UnitedTranzactions; and a group of owners from Location Ventures.

About Location Ventures

Location Ventures is an integrated real estate platform that provides comprehensive investment, development, management, marketing, and sales for residential and mixed-use properties in the South Florida market and beyond. Location Ventures invests in one-of-a-kind living experiences that make the highest and best use of unique development locations. The company’s more than $600 million portfolio contains a mix of ultra-luxury single-family homes, boutique condominiums, and an urban-centered mixed-use project where young professionals live and work at one address.

About ONE Sotheby’s International Realty

ONE Sotheby’s International Realty is South Florida’s premier source for luxury real estate and development opportunities with 17 offices spanning from Miami and Key Biscayne to Palm Beach and Stuart. Since its inception in 2008, ONE SIR has recruited more than 800 of the world’s most passionate and well-connected agents, backed by a global brand with a heritage of unsurpassed quality, value and trust. ONE Sotheby’s International Realty’s direct affiliation with Sotheby’s Auction House and Sotheby’s International Realty has offered the company unparalleled, global reach – an attribute sellers reap the full benefit of as their homes receive prime exposure to a network of more than 22,000 associates in 72 countries and territories across 960 offices. In addition to its luxury brokerage division, the firm also offers a development sales division representing some of South Florida’s most successful and prestigious condo developments with a total inventory of over $3.5 billion. With a vision rooted in providing exceptional service, superior market knowledge and the latest technology, ONE Sotheby’s International Realty is dedicated to giving extraordinary lives a home to thrive. www.onesothebysrealty.com

Images via Location Ventures

The article was produced in partnership with Location Ventures

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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 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

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Starwood Acquires The 844-Unit Palmer Dadeland From Mill Creek Residential For $387 Million

Barry Sternlicht’s Starwood Real Estate Income Trust has acquired the 844-unit Palmer Dadeland apartments for $386.7 million from Mill Creek Residential, roughly $440,000 per unit. The transaction was facilitated via an LLC membership change in which Mill Creek Residential sold the LLC that owns the property to Starwood.

Barry Sternlicht’s Starwood Real Estate Income Trust has acquired the 844-unit Palmer Dadeland apartments for $386.7 million from Mill Creek Residential, roughly $440,000 per unit. The transaction was facilitated via an LLC membership change in which Mill Creek Residential sold the LLC that owns the property to Starwood as opposed to a deed being filed. Investors use this method of acquisition to save on documentary stamp taxes which are paid by the state and county upon filing a deed. The property was 97.9% occupied at the time of sale with an average monthly rent of $2,292. Starwood will finance the property with a $260 million two-year, floating rate, interest only loan provided by Wells Fargo which is expected to close on October 21.

The LEED Silver-certified Palmer Dadeland is located at 8215 and 8217 SW 72nd Ave. and features 844 residential units. The project was initially known as Modern Metro Dadeland and was developed by Mill Creek Residential in 2017 and 2019. The residential community features resort style pools, business center, fitness center, billiards lounge, game room, two rooftop decks and a pet spa.

Images via Palmer Dadeland

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