TA Realty Pays $135M for South Florida Community

The Related Group and its partners sold the property, which is part of the 55-acre CityPlace Doral development in the Miami area.
The Manor CityPlace Apartments, Doral, Fla.
The Manor CityPlace Apartments, Doral, Fla.

The Manor CityPlace Apartments, a 398-unit property in Doral, Fla., has traded for $135 million. TA Realty, a private real estate investment firm, bought the asset from the Related Group and its partners, Shoma Group and PGIM Real Estate Investors, who developed the asset.

Built in 2014, the six-story building features studios, one-, two- and three-bedroom units. Common amenities include a waterfall jacuzzi, pool with personal cabanas and daybeds, outdoor summer kitchen with fireplace and barbecue area. Interior amenities include a game room, private movie theater, dedicated yoga studio, virtual spinning room, fitness studio, and cyber lounge with coffee bar.

Mixed-use environment

The property is on 5.7 acres and is within walking distance of the new CityPlace Doral, a 55-acre destination retail center that opened in March. The center features more than 40 entertainment, dining and retail establishments, such as a Fresh Market, Improv Comedy Club and BurgerFi. Single-family homes developed by Shoma and other residential properties are also part of the larger development. Doral is a suburb of Miami that’s also near Miami International Airport.

Walker & Dunlop Inc. subsidiary Walker & Dunlop Investment Sales (WDIS) facilitated the deal. WDIS’s Roberto Pesant and Chris Conklin advised the seller in the transaction.

“Doral has been the fastest-growing city in Florida over the past decade and was the 11th fastest-growing city in the country,” Pesant said. Over the last 30 months, the WDIS team has closed over $1.3 billion in sales in South Florida.

Image courtesy of PRNewsfoto/Walker & Dunlop, Inc.