Lennar Corp. raked in $45 million for the bulk sale of the majority of its units in the Valencia at Doral condominium.
The Miami-based developer’s affiliate, Valencia at Doral LLC, reportedly sold 204 units and most of the common area to TIF-Valencia LLC, which is managed by Transcendent Investment Management executive Jordan Kavana. TIF-Valencia paid a unit price of $205,882 and $3 million for the common area.
The purchase was secured with a $36 million mortgage from FirstKey Lending, according to the South Florida Business Journal.
“We identified a property with significant upside potential in a very strong sub-market,” Kavana told the publication. “Our investment in Valencia will allow us to further expand our presence in Miami and enhance our residential portfolio.”
The complex, located at 10010 Northwest 44th Terrace, was built in 1992 and features a pool, tennis court and clubhouse. Lennar’s affiliate paid $67.87 million for the complex in 2006. Prior to the current deal, Lennar sold 114 units between 2007 and 2010. [South Florida Business Journal] – Chris Guanche