Avanti Residential acquires Sanctuary Doral Apartments in South Florida

Acquisition of new 226-unit Class A apartment community furthers Denver-based Avanti’s investment foothold in South Florida, with a third purchase pending before year-end

Denver, CO and Doral, FL – October 12, 2021 – Denver-based Avanti Residential announces the acquisition of Sanctuary Doral, an ultra-luxury 226-unit luxury multifamily community in Doral, FL for $102 million. Avanti purchased Sanctuary Doral from Miami-based Shoma Group, who developed the project with condominium-quality finishes and resort-like amenities in 2020.

“We think this is a tremendous apartment community on so many levels, with design and quality attributes befitting the highest quality for-sale condominium complexes in the market, plus the project is in a prime location serving a growing and upwardly mobile apartment resident demographic,” said Christian Garner, president of Avanti Residential.

Sanctuary Doral is located at 9400 NW 41st Street, with prominent frontage along Doral Boulevard, the major east/west thoroughfare in Doral. The property includes 1.35 acres of dedicated open space and outdoor amenities, including an oversized pool deck with cabanas and day beds, barbeque areas, a large children’s playground and soccer field, a half-acre sculpture garden, a large pet park and pet spa area.

Resident amenities include a deluxe fitness center with a steam room and dry sauna, a game room/lounge area, and a business center and conference room. The master plan for the project also includes numerous dining and entertainment options, though this retail component was not a part of the sale.

The project includes one-, two- and three-bedroom floors plans ranging in size from 731 square feet to 1,402 square feet. Apartment interiors feature high-end, condo-quality finishes, including bathrooms with quartz countertops, island entertainment areas and designer cabinetry with under-cabinet lighting. Each apartment is equipped with full-sized washers and dryers, stainless-steel kitchen appliances, and keyless entry.

Avanti Residential has been an active investor in multifamily communities in Florida as the firm expands its nationwide portfolio. The company acquired the 341-unit 500 Ocean apartment complex in Boynton Beach, FL in July 2021, and is nearing completion on a similar sized purchase in the Tampa, FL area by the end of the year.

“We recognize the strong demand for premium apartment communities in South Florida, especially in the immediate area where upwardly mobile professionals are such a predominate demographic base,” added Garner.

A key factor in Avanti’s investment strategy is to buy in markets with strong population and employment growth patterns. Doral’s population has grown by 36% since 2010, making it the fastest growing large city in Florida and the fourth fastest growing large city in the U.S. “The current economic environment presents the opportunity to acquire apartments in high-demand locations and where strong market fundamentals support further growth potential,” added Garner.