170 condos at Valencia at Doral offered in bulk sale, could fetch more than $50M
Units were purchased in 2014 as unsold inventory after complex converted to condos
September 27, 2016 05:15PMBy Ina Cordle
Valencia at Doral (Inset: left, Calum Weaver, right, Gerard Yetming)
The owner of 170 condos at Valencia at Doral has listed the units for sale in a bulk deal, and the purchase price could be more than $50 million.
Aventura-based TIF Valencia LLC, led by Jordan Kavana, owns the 170 units at the three-story, 310-condo, 15-building condominium complex at 10000 Northwest 45th Terrace.
Cushman & Wakefield Executive Managing Director Calum Weaver is marketing the property along with Colliers International Executive Vice President Gerard Yetming.
Weaver declined to provide a price, but told The Real Deal that the highest-priced condo at Valencia sold this year for $365 per square foot. That would equate to $68 million for the 170 units for sale, which total 186,592 square feet.
“These 170 units are available at a significantly lower price per square foot,” he said.
Valencia converted from apartments to condos in about 2007, and Kavana’s firm acquired the remaining unsold units in 2014, Weaver said. The complex was built in 1992.
Weaver said the firm is now selling the condos as part of its business plan to “buy, hold, then sell.” Kavana, the manager of TIF Valencia LLC, leads Transcendent Investment Management, a private equity fund that focuses on distressed residential properties, hotel and mixed-use development. Kavana is also the chief operating officer at K Group Holdings, developer of Metropica in Sunrise.
The deal for the 170 units also includes the community clubhouse. According to Cushman, the units for sale are currently 97.1 percent leased. Of the 170, 114 have been upgraded with stainless steel appliances, granite countertops, wood cabinetry and hard-surface flooring throughout. The upgrades have commanded an average monthly premium of $344 per month.
Valencia at Doral also offers residents membership to Doral Park Country Club, which features an 18-hole golf course, bar and cocktail lounge, restaurant, fitness center, sauna, free yoga and aerobics classes, 11 tennis courts, an Olympic-sized pool and playground.
“The location this is really in the heart of Doral,” Weaver said, “just west of the Trump golf course and it’s just off Doral Boulevard.”
Doral is in the midst of a surge in development, with such projects as Codina Partners’ Downtown Doral, Related Group and Shoma Homes’ CityPlace Doral and JQ Group of Companies and Optimus Developers’ Midtown Doral in the works.
“Doral is no longer a bedroom community, it’s a real city,” Yetming told TRD, citing a population of 50,000 and 12,000 businesses. Vacancy rates in Doral are low and the city is becoming land constrained, he added. “It’s becoming a real infill market. A deal like this has cash flow and the upside opportunity to sell units in the future.”
Source: The Real Deal