Calta Group is rapidly expanding its multifamily division after acquiring the Coral Gables apartment complex from Shoma Group co-founder Maria Lamas.
A subsidiary of Calta paid $12 million for Venetian Flats, a two-story 32-unit property at 915 and 920 Palermo Avenue, according to records and Vizzda. The buyer secured a $7.8 million mortgage from Terrabank.
The deal breaks down to $375,000 per apartment.
Seller is an entity managed by Lamas to $8.2 million Records show 2021. Coral Gables attorney Anibel Duarte-Viera represented Lamas in the acquisition and sale of the property.
Records show the buildings were completed in 1963 and 1964, and occupy nearly an acre of land. The property is close to the Venice Pool and the Biltmore Hotel.
Coral Gables-based Calta, founded in 2010 by Italian brothers Ignazio and Gaetano Caltagirone, is also working with Miami-based Gilu Development on Revv Hollywood, an eight-story apartment building in Hollywood.
The 180-unit project marks Calta’s first multifamily development.This month, Calta and Gilu received $60 million Construction loan from Revv Hollywood. Last year, Calta paid $9.5 million for the 1.6-acre development site, records show.
Calta has $250 million in real estate investments in South Florida, according to a press release.
Lamas co-founded Coral Gables developer Shoma Group with her ex-husband, Masood Saujay. The name of the company is a combination of their two last names.
in February, lama Sued Shojaee’s current wife, President Shoma, with her two grown daughters Stephanie Saujay, Libel.pending lawsuit Stephanie Saujay Made false statements on the podcast, portraying Lama as “incompetent, careless, lazy and hateful”.
In 2021, Lamas sued a Shoma affiliate that owns the company’s corporate headquarters at 201 Paseo de Seville. Lamas alleges that Shoma affiliates carried out unauthorized construction on the 31,000-square-foot building and defaulted on a $6 million loan she extended. Lamas and Shoma affiliates voluntarily dismissed the suit that same year, court records show.
