DORAL, FL – Denver-based Avanti Residential announced the acquisition of Sanctuary Doral, an ultra-luxury 226-unit multifamily community in Doral, FL for $102 million. Avanti bought Sanctuary Doral from Miami-based Shoma Group, who developed the project with condominium-quality finishes and resort-like amenities in 2020. The acquisition continues the growth of Avanti s nationwide apartment portfolio and is the second of three South Florida investments the company plans to complete in 2021.
We reckon this is a tremendous investment opportunity 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.
Walker & Dunlop s Managing Director Still Hunter represented Avanti and Shoma Group in the sale transaction, with Senior Managing Director Trevor Fase arranging the acquisition loan.
Sanctuary Doral is located at 9400 NW 41st Street in Doral and fronts Doral Boulevard, the major east/west thoroughfare in Doral. The project includes abundant outdoor amenities in 1.35 acres of open space, 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, and a large pet park and pet spa area. The property also features a deluxe fitness center with a steam room and dry sauna, a game room/lounge area, and a resident business center and conference room. Apartment interiors include high-end, condo-quality finishes and designer kitchens with island entertainment areas. The master plot for the project also includes numerous dining and entertainment choices on site, though this was not a part of the sale.
Avanti Residential has been an active investor in multifamily communities in Florida as the firm expands its nationwide portfolio. The company bought the 341-unit 500 Ocean apartment complex in Boynton Beach, FL for $105 million in July 2021, and is nearing completion on a similar sized buy in the Tampa, FL area by the end of the year.
We recognize the strong apartment demand in South Florida, where our acquisition team has successfully partnered with local market experts to uncover attractive core plus investments that outperform many of the value-add investment opportunities that we see in other markets, 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.
We believe the current economic environment presents the opportunity to buy apartments in high-demand locations and where strong market fundamentals support further growth potential, added Garner.

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DALLAS, TX – Crow Holdings, a leading national real estate investment and development firm, announced that its multifamily development company, Trammell Crow Residential (TCR), has partnered with Boston-based Marcus Partners to develop Alexan Harrison, a 450-unit luxury multifamily residence in Harrison, New York. This latest community under the Alexan brand marks Crow Holdings and Marcus Partners first New York State multifamily project.
Alexan Harrison, a five-tale wrap-style community, will consist of two buildings with distinct design aesthetics – one with urban characteristics and the other with a more country feel – as well as approximately 6,000 square feet of retail space between them. Each building will feature its own 10,000-square-foot clubhouse and resort-style pool area. Located at 3 Westchester Park Drive in New York s Westchester County, the project started construction in August and is expected to be completed in April 2024. Alexan Harrison will offer market-rate and affordable units including studios, one-bedroom, two-bedroom, and three-bedroom layouts ranging from 507 to 2,135 square feet.
Each residence will feature modern open floorplans, nine-foot ceilings, stainless-steel appliances, granite countertops in kitchens and bathrooms, full-size washer/dryers, custom closets, tiled bath surrounds, hardwood flooring, and key-fob access. Select units will have private balconies and walk-in closets, and other select units will offer townhome-style direct entry to the community s central drive.
First-class amenities include a speakeasy-style resident lounge, state-of-the-art fitness center, dog wash and parks, bike storage and maintenance rooms, half-mile walking trail around the property, game rooms, libraries, garden courtyard, rideshare waiting rooms, business offices with private office spaces, wellness center, conservatory, grilling stations, outside pizza ovens, and mail center, complete with Amazon parcel lockers.
Alexan Harrison is a small, 10-minute drive from the White Plains train station, which offers quick, direct service to Manhattan s Grand Central Station. Residents will have access to employment and lifestyle amenities, including the nearby headquarters of PepsiCo, Mastercard, HistoGenetics, and other corporations. The property abuts a 206,000-square-foot Lifetime Fitness Center, and a Wegman s grocery store is located next door.
Our alliance with Marcus Partners is a collaborative effort that resulted in a strong community design, said Andy Huntoon, TCR s Northeast Managing Director. Alexan Harrison is our first foray into New York s Westchester County – a proven market with a rich tradition of suburban life offering access to abundant corporate headquarters and an brilliant school system. We are building something special here – a place that residents will be drawn to, with community and warmth in a vibrant and exciting area.
Multifamily has become a critical part of our investment strategy, and it is ideal that Westchester County is home to our first multifamily development in New York, said Marcus Partners Principal David Fiore. The collaboration between Trammell Crow Residential and Marcus Partners is yielding – without question – a best-in-class multifamily project in a prime residential market.
TCR has developed more than 865 luxury residential communities under its Alexan brand. In the Northeast, these include Alexan 3 North in Billerica, MA and Alexan Wrentham in Wrentham, MA. Alexan Kingston in Kingston, MA is under construction. Four additional Northeast projects with more than 1,000 apartments are currently in development.
With 11 regional offices, TCR is a market-leading developer of premier, amenity-rich multifamily communities that has delivered nearly 260,000 apartments over the span of 40 years. In addition to the Alexan brand of luxury apartment communities, TCR also builds attainable housing through its latest multifamily brand, Allora, aimed at delivering high-quality, affordable apartment homes to growing communities of middle-income families across the United States.

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RALEIGH, NC – Blue Heron Asset Management announced, on behalf of its third fund, Blue Heron Real Estate Opportunity Fund III, that it has closed on the sale of the Indigo Apartments. Blue Heron was represented by NorthMarq in this transaction. The 489-unit, 2005-built multifamily community is in the Brier Creek/Research Triangle Park submarket between Raleigh and Durham, NC.
Blue Heron bought Indigo in December 2018 in an off-market transaction, and, shortly after taking ownership of the property, commenced a community enhancement plot that included the renovation of apartment interiors and an expansion and upgrading of the common area amenity spaces. Thoughtful property management and property-wide enhancements led to strong resident satisfaction and retention throughout Blue Heron’s ownership.
The transaction closed on October 12th, 2021, at a price of $121.9 million, resulting in the largest realization in Blue Heron’s history, the largest single-property, conventional multifamily transaction in North Carolina so far in 2021, and the largest in Raleigh-Durham ever-to-date.
“Our experience at Indigo is a testament to developing solid business plans, executing, making partnerships, and operating in vibrant growing markets. We couldn’t be prouder of our team that delivered exceptional results at the property for our residents and investors,” said Michael Eubanks, a partner at Blue Heron. “We want to express our deepest gratitude to everyone we worked with along the way who had a hand in this successful outcome.”

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