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

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 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

Cushman & Wakefield Arranges $5.8M Sale of North Miami Beach Apartment Community

Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of a 36-unit apartment community located at 16851 NE 18th Avenue in North Miami Beach. The final sale price was $5.8 million, which comes out to $161,111 per door.

Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the seller, EUS at 18th Ave LP., in the transaction. Demian Perelmuter with F Advance Mgmt., which specializes in stabilized and value-add multifamily acquisitions, acquired the property. “F Advance Mgmt. plans to renovate the property and providing updated units that are needed within the market,” Perelmuter said. 

Built in 1964, the property includes one three-story building with one- and two-bedroom units averaging 772 square feet. The property was fully leased at the time of the sale.

By Katya Demina

American Landmark Apartments Sells Lago Paradiso at the Hammocks Multifamily For $99 Million

Lago Paradiso at the Hammocks, a 424-unit, garden-style multi-housing community in the suburban neighborhood of Kendall in Miami-Dade, Florida, has traded for $99 million. JLL marketed the property on behalf of the seller, American Landmark Apartments and multifamily investment firm Cortland was the buyer. The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Director Maurice Habif, Directors Simon Banke and Ted Taylor and Associate Jo Rousseau.

Lago Paradiso at the Hammocks comprises one- and two-bedroom units ranging from 552 to 945 square feet. Units feature designer cabinetry, granite counters, stainless steel appliances, full-size washers and dryers, walk-in closets and screened patios and balconies. The community offers two pools, a 24-hours fitness center, clubhouse with WiFi cafe, fire pit area, outdoor kitchen with gas grills, 24-hour package room, sailing and fishing, lakeside jogging and bike trail and controlled access.

Located at 15000 SW 104th St., residents of Lago Paradiso at the Hammocks enjoy direct access to many of Florida’s major highways, located just 16 and 10 miles southwest of Downtown Miami and Miami International Airport respectively. To the west is the Florida Turnpike and US Highway 1, with subsequent linkage to Interstate 95 to the east. The property offers easy access to local retail, entertainment and dining options, including The Fall, Dadeland Mall, Palms at Town & Country, Port of Miami and Freedom Park Stadium.

“Lago Paradiso represents a fantastic investment opportunity combining a phenomenal location and strong resident profile in a highly supply-constrained suburban market,” said Banke. “The potential for physical improvements at the property is supported by incredible market fundamentals and we are excited to see the community’s performance under Cortland’s ownership.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Images via JLL

This article was produced in partnership with JLL

Hines Acquires Mixed-Use Development Site In Fort Lauderdale's Flagler Village For $57.41 Million

The Houston-based development firm Hines has acquired a mixed-use development site in Fort Lauderdale’s Flagler Village neighborhood for $57.41 million. The properties acquired make up the proposed FAT Village project which were assembled by Urban Street Development, led by Alan Hooper, and Restaurant People, led by Tim Petrillo. Urban Street Development will remain as a Joint Venture partner in the project. FAT Village would bring 835,000 SF of total development spanning 500 apartment units, 350,000 SF of office space and 71,000 SF of ground floor retail. Hines has revealed plans to build one of the office buildings as a 180,000 SF T3 building, T3 is known as “Timber, Transit and Technology,” in which the building would be built out of sustainable timber. Hines already has built T3 buildings in Minneapolis, MN and Atlanta, GA and has proposed another in Austin, TX.

Flagler Village is a fast transforming neighborhood in Fort Lauderdale that was once an industrial warehouse district and now represents Fort Lauderdale’s Arts District, full of art galleries, studios, craft breweries, coffee shops and retail.

Hines was founded in 1957 by Gerald D. Hines and has $83.6 billion under management. The firm has developed over 492 million SF including Williams Tower, One Shell Plaza, Pennzoil Place, JPMorgan Chase Tower, the TC Energy Center, Kinder Morgan Tower and Aris Market Square in Houston. Hines also developed the Jean Nouvel-designed 53 West 53 and 885 Third Avenue, also known as the infamous Lipstick Building.

Miramar Park of Commerce Sells For $18 Million At A Record Price Per Square Foot For Broward County

The Miramar Park of Commerce has sold for $18 million. The 56,072-square-foot industrial/flex building is located at 10315 USA Today Way in Miramar, Florida. At $321.02 per square foot, the transaction represents the highest price per square foot secured for an industrial/flex property in Broward County.

On behalf of the seller, Zeta Associates, LLC, Avison Young’s Industrial leasing team and Florida Capital Markets Group teamed up to complete the record-setting disposition to CRG Acquisition, LLC. The effort was led by Principals Tom Viscount, David Duckworth, Michael T. Fay, John C. Crotty, Wayne Schuchts, and Senior Associate Bobby Benton.

“The sale demonstrates both the resilience and attractiveness of the South Florida industrial market,” said Viscount. “Specifically, the significant price per square foot is indicative of the high demand for class A industrial and flex space, as investors continue to see South Florida as a key growth region. Due to the extraordinary demand and limited supply, less than 10 flex buildings over 50,000 square feet sold in the past year.”

The asset’s buyer is an investor who was attracted to Miramar Park of Commerce’s great location, well-maintained properties, and the prestige of the park. They plan to renovate the building to create a high-end educational campus-like setting to lease it to one of their national clients that operates a medical school.

“The buyer recognized the uniqueness and value of the building’s overall footprint and quality infrastructure sitting on seven acres, which cannot be replicated in today’s market,” added Viscount. “These factors certainly contributed to the notable sales price.”

Equidistant from Fort Lauderdale and Miami, Miramar Park of Commerce is a light industrial park campus in Southwest Broward County fronting the Florida Turnpike just one mile east of the Red Road Interchange. With over 5 million square feet of office/service, laboratory, pharmacy, light manufacturing, and distribution space, the world-class park is home to 10,000 employees from more than 170 national and international companies.

Nuveen Acquires LaVida Lakefront Class-A Multifamily In Miami's Blue Lagoon For $98 Million

The Chicago-based global real estate investment management company Nuveen Real Estate has acquired LaVida for $98 million. LaVida is the first Class-A lakefront multifamily apartments within the prominent Blue Lagoon corporate park. The project was developed by Pinnacle and Ascend Properties, who were also the sellers. The sale of the 272-unit apartment breaks down to $360,294 per unit.

The Cushman & Wakefield team of Robert Given, Troy Ballard, Zachary Sackley, and Mike Mulkern led the marketing efforts and brokered the transaction.

Designed by Behar Font & Partners, LaVida, which opened in 2019, consists of two eight story residential buildings containing 272 units of one, two and three-bedroom homes ranging from 728 to 1,295 SF, each with an outdoor terrace, with top floors offering magnificent south-facing views of Downtown Coral Gables. The elegant apartment residences boast a warm, natural palette with custom details including porcelain flooring throughout, dramatic designer-inspired kitchens and bathrooms, quartz counter tops, energy star-rated appliances, and full-size stackable washer and dryer. Floor-to ceiling exterior doors provide incomparable sunrise, lake and downtown city views with balcony apartments overlooking the lake.

“With the increasing demand for luxury rentals in South Florida and many returning to work in the nearby Blue Lagoon offices, we determined this was the right time to sell,” said Richard Finkelstein and Michael Wohl, partners, Ascend Properties. “LaVida’s central location caters to working professionals and business travelers as well as those looking to live the luxurious Miami lifestyle without having to sacrifice easy access to everything Miami has to offer.”

Located at 6600 NW 7th Street, adjacent to the intersection of the Dolphin and Palmetto Expressways, LaVida offers a live/work option for the 12,000+ working professionals and corporate executives in Blue Lagoon and convenient access to Downtown Miami, Miami International Airport and Doral’s growing business center. LaVida features expansive city and lake views, luxurious design curated by Venus Williams’s V Starr Interiors and a two-story resort-style clubhouse and pool.

“With first-class units, high-quality amenities and a central Miami lakefront location, LaVida continues to transform the way professionals view the Blue Lagoon community,” said David O. Deutch, co-founder, Pinnacle. “The success of LaVida represents the strength of this unique luxury lakefront product in a corporate center in the growing South Florida market.”

Unparalleled community amenities include two covered garages; dog park; two-story lakefront clubhouse with grilling stations; oversized hourglass-shaped pool and jacuzzi with a resort-style sun deck and southern exposure making it the ideal pool experience with poolside cabanas and day beds; state-of-the-art fitness facility with yoga studio and group class space; gourmet coffee bar; media room; Wi-Fi in all common areas, and more.

“LaVida is a Class-A apartment deal, fully occupied, in a high barrier to entry market with access to major employment centers such as Waterford Business District, West Doral and Miami International Airport,” said Carlos Burneo, Senior Director and Florida Housing Sector Lead at Nuveen Real Estate. “South Florida’s continuous employment and population growth is a clear match to Nuveen Real Estate’s investment strategy. We are excited to continue expanding our investments in the Waterford – Blue Lagoon market.”

“The outstanding execution quality and strong operating performance of LaVida led to significant investor demand,” noted Robert Given. “We continue to see robust activity in the market throughout South Florida.”

Tour A Lavish Waterfront Coconut Grove Estate In The Exclusive Camp Biscayne That Just Sold For $19 Million

A lavish waterfront estate in Coconut Grove has sold for $19 million, just 33 days after hitting the market. 3503 Main Lodge Drive is one of only 18 homes in the prestigious, private guard gated community of Camp Biscayne. The rare property is situated on a 44,334 SF lot overlooking the sparkling waters of Biscayne Bay. The home was listed with Toni Schrager of Brown Harris Stevens Miami and Judith Werner and Arielle Werner of Bold Miami represented the buyer.

The home itself is a 14,000 SF estate inspired by the historic grand coastal villas of Spain. It currently consists of 6 bedrooms, 6 bathrooms and 2 half bathrooms but the list agent Schrager predicts it will likely be extensively renovated or torn down to make way for a new build. Among the property’s many luxe highlights are a private white sand beach that spans 100’ as well as dock and seawall providing 200’ of protected dockage.

Coconut Grove has been a hot neighborhood for ultra-luxury real estate deals. The sale of 3503 Main Lodge Drive is the latest example demonstrating intense demand among buyers for homes in Coconut Grove as new restaurants, retail and lifestyle attractions open and are announced regularly. Related Group's Jorge Pérez recently sold his waterfront Coconut Grove estate for $33 million to a cannabis executive. The Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million. Jorge Mas sold his waterfront home known as Casa Bahia at 3085 Munroe Drive for $45.91 million and in June 2021 private equity investor Nathan Leight of Terrapin Partners sold 3500 and 3535 Curtis Lane for $48 million.

Victory Investments Group Acquires Hotel Astor In Miami Beach For $12.75 Million

Victory Investments Group has acquired the art deco Hotel Astor on Miami Beach for $12.75 million, $304,000 per key, in an off market deal. The Susan Gale Group with ONE Sotheby’s International Realty, which specializes in hospitality transactions, represented both sides of the transaction. Hotel Astor is located at 956 Washington Avenue in the heart of South Beach and was not in operation at the time of sale. The property features a swimming pool and 4,000+ square-foot restaurant space. Victory Investment Group plans to breathe new life into the shuttered 42-room, three story hotel which was built in 1936 and designed by T. Hunter Henderson. According to Gale, the property will undergo extensive renovation, bringing the price per key to $500,000. Over the years Hotel Astor has been at the center of an alleged EB-5 fraud and two bankruptcy filings.

Images via The Susan Gale Group, ONE Sotheby’s International Realty

Check Out This Waterfront Spec Mansion On The Blazing Hot Palm Island Which Just Sold For $29.5 Million

A waterfront spec home on Miami Beach’s prestigious Palm Island has sold for $29.5 million as real estate on the island continues to push higher. Located at 135 Palm Ave, the new construction home was developed by Sabal Development and was listed with Jeff Miller of ONE Sotheby’s International Realty and Mathieu Rochette of Compass, who represented the seller. The buyer was represented by Liz Hogan with Compass.

The agents involved in the deal have completed several high-profile transactions on the island in the past few years. Miller sold 73 Palm in 2019 for $24.5 million while Hogan has sold 3 homes on the island over $25 million this month, including 94 Palm for a record $30 million and 370 S Hibiscus for $26.5 million.

The new construction modern 8 bedroom, 8.5 bathroom home features vast open living spaces tastefully furnished by world renowned brand Roche Bobois and seamlessly integrating indoor/outdoor living and entertaining. A spacious 1st floor features an open chef and prep kitchens, formal and informal dining rooms, movie theatre and guest suite. Upstairs offers a custom glass staircase or elevator and Master Suite with sweeping water views and an open flow with dual vanities and showers, floating tub, custom walk-in closets and midnight bar. The secluded backyard features an infinity-edge marble pool and jacuzzi, summer kitchen and cabana with sauna overlooking 100’ of water frontage. The property also features a guest House, 6 car garage, SAVANT smart- home, and rooftop lounge.

Miami’s ultra-luxury waterfront real estate market has been on fire lately. On Palm Island boxing legend Floyd Mayweather recently purchased a waterfront mansion for $18 million. Dreampact Ventures co-founder Fued Sadala purchased 9814 West Broadview Drive in the Bay Harbor Islands for $12 million, a record for a waterfront sale in the neighborhood; famed musician and producer partners Emilio and Gloria Estefan sold their Star Island “guest estate”for $35 million; real estate investor Andrew Mirmelli recently closed on a Hibiscus Island home for $21 million before immediately listing it for $30 million; spec home developer James Curnin sold his Modern Farmhouse on Allison Island for $13,875,000; and the Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million.

Images via Jeff Miller, ONE Sotheby’s International Realty