Masoud Shojaee’s Shoma sells Doral apartments for $103M

Deal for newly built, fully leased building equates $454K per unit

Miami /
Oct.October 15, 2021 10:08 AM
from left: Doug Andrews, Chairman, Avanti Residential; Masoud Shojaee, President & Chairman, SHOMA Group; Christian Garner, CEO, Avanti Residential; Sanctuary Apartment Complex at 9400 Northwest 41st Street, Doral, FL (Avanti Residential, ApartmentFinder, SHOMA Group)

From left: Doug Andrews, Chairman, Avanti Residential; Masoud Shojaee, President & Chairman, SHOMA Group; Christian Garner, CEO, Avanti Residential; Sanctuary Apartment Complex at 9400 Northwest 41st Street, Doral, FL (Avanti Residential, ApartmentFinder, SHOMA Group)

Shoma Group sold its recently completed and fully leased Sanctuary apartment building in Doral for $102.5 million, marking continued investment appetite for South Florida multifamily projects amid a hot market.

Avanti Residential, based in Denver, bought the 226-unit complex at 9400 Northwest 41st Street, according to a Shoma news release. The deal breaks down to $453,539 per unit.

Still Hunter of Walker & Dunlop represented the seller.

Coral Gables-based Shoma, led by Masoud Shojaee, completed the six-story building in November and fully leased it in the following eight months, according to the release. Shoma had purchased the 7.2-acre development site in 2014 for $8.5 million, property records show.

Sanctuary has one- to three-bedroom apartments, according to the release. Monthly rents so far have averaged from $2,210 to $3,660 for one-year leases, although they have been slightly higher for seven-month leases, reaching $2,410 to $3,860 per month.

Amenities include a pool, gym with steam room and sauna and a two-story clubhouse, as well as a bike path, small soccer field and yoga lawn. The pet-friendly community also has a pet spa.

Along with partners the Related Group and PGIM Real Estate Investors, Shoma also sold a CityPlace Doral apartment complex for $100 million last year, three years after the trio developed the community.

Avanti, led by Chair Doug Andrews and CEO Christian Garner, is a multifamily owner-operator of properties throughout Arizona, Colorado, Florida, Kansas and Utah, according to its website.

Avanti appears to be beefing up its South Florida portfolio. In June, it purchased the 341-unit 500 Ocean apartment complex in Boynton Beach for $105 million. The Boynton Beach complex is Avanti’s only other Florida property aside from Sanctuary, according to the company’s website.

The company is turning its attention to South Florida, as the multifamily market experiences unbridled growth thanks to demand from locals and newcomers. Rents are increasing at unprecedented rates, with the region reporting a roughly 8 percent increase over the past year, while some submarkets are seeing rent hikes of as much as 24 percent.





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