Transcendent closes $45 million real estate deal: Valencia at Doral
Lennar Corp. sold the majority of units in the Valencia at Doral condominium for $45 million.
Valencia at Doral LLC, an affiliate of the Miami-based developer (NYSE: LEN) sold 204 units plus most of the common area of the complex at 10010 N.W. 44th Terrace to TIF-Velencia LLC. Attorney Daniel Kaskel, of Sachs Sax Caplan in Boca Raton, represented the buyer, which is managed by Jordan Kavana, an executive with Aventura-based Transcendent Investment Management.
Since the common areas sold for $3 million, the price per unit was $205,882.
"This transaction evidences that the Florida Distressed Condominium Relief Act which took effect in July, 2010, is still encouraging and facilitating bulk transactions," Kaskel said.
The buyer secured a $36 million mortgage from FirstKey Lending.
Valencia at Doral was built in 1992 and includes a clubhouse, pool and tennis court. The Lennar affiliate paid $67.87 million in 2006 for the entire complex. Lennar sold 114 units from 2007 through 2010, the most recent sale before the bulk deal.
"We identified a property with significant upside potential in a very strong sub-market," Kavana said. "Our investment in Valencia will allow us to further expand our presence in Miami and enhance our residential portfolio."