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South Florida

Bulk condo deal closes in Doral

Daniel Kaskel
Daniel Kaskel

An affiliate of Jordan Kavana’s Aventura-based Transcendent Investment Management picked up 204 units at the Valencia at Doral Condominium in a bulk transaction.

TIF-Valencia LLC acquired the condos and club facility at the complex on Friday, according to an announcement from Sachs Sax Caplan partner Daniel Kaskel, who represented the company in the purchase. Valencia at Doral LLC is the seller.

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The purchase price was not disclosed.

“This transaction evidences that the Florida Distressed Condominium Relief Act which took effect in July, 2010, is still encouraging and facilitating bulk transactions,” Kaskel said.

Kavana cited the property’s “significant upside potential” and the strength of the Doral market as key drivers of his company’s interest in the acquisition. Kavana and his family are behind the $1 billion Metropica development in Sunrise. — Eric Kalis

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