Related, Shoma, PGIM sell Doral apartments for $100M amid coronavirus pandemic

303-unit apartment complex sold for $330K per unit

Miami /
Mar.March 31, 2020 03:15 PM
Jorge Perez and Masoud Shojaee with  the Flats Apartments at CityPlace Doral (Credit: Google Maps)

Jorge Perez and Masoud Shojaee with  the Flats Apartments at CityPlace Doral (Credit: Google Maps)

The Related Group, Shoma Group and PGIM Real Estate Investors sold The Flats Apartments at CityPlace Doral for $100 million, marking the largest deal to close in South Florida during the coronavirus pandemic.

Harbor Group International paid $330,000 per unit for the two-tower, 303-unit multifamily development at 3555 Northwest 83rd Avenue in Doral.

Earlier this year, Virginia-based Harbor Group International closed on one of the largest apartment portfolio deals ever, paying $1.85 billion for 13,243 units, most of them across the South and Southwest.

The Flats at CityPlace Doral was completed in early 2017 and includes studios, one-, two- and three-bedroom apartments. It was developed on top of the 300,000-square-foot retail component of CityPlace Doral.

Chris Conklin with Walker & Dunlop represented the sellers of The Flats.

Related, Shoma and PGIM opened CityPlace about three years ago. The $800 million mixed-use project spans 55 acres and includes 40 retail, restaurant and entertainment tenants anchored by the 550-seat CinéBistro, more than 1,000 residential units, including 150 single-family homes developed by Shoma, 700 rental apartments and 320 condos.

In August 2017, Related, Shoma and PGIM sold the Manor at CityPlace, a 394-unit luxury apartment complex at the Doral mixed-use project for $135 million, or nearly $343,000 per unit. TA Realty purchased the Manor.

Rents at The Flats at CityPlace range from $1,774 a month to $3,417 a month, according to Apartments.com. The listings website is advertising one month of free rent, plus waived fees and reduced deposits.

A number of deals have been put on hold or canceled due to the spread of Covid-19 and its effect on the real estate market.

Even restaurants at CityPlace have adapted after dining rooms and bars were ordered to close, and are now offering takeout and delivery service, according to the mall’s website. Retail tenants there include The Fresh Market, Tap 42, Cooper’s Hawk Winery & Restaurant and T-Mobile.


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