The Real Deal New York

Yonkers firm makes the year’s biggest SoFla multi-family buy

Investor pays $96M for Modera community in Pembroke Pines

October 20, 2014 01:25PM
By Eric Kalis

Modera Pembroke Pines

Modera Pembroke Pines

From the South Florida website: Yonkers, N.Y.-based real estate investment firm AVR Realty Company LLC, best known for unloading 5 Times Square for $1.5 billion in 2010, dropped nearly $96 million on a Pembroke Pines apartment complex in South Florida’s most expensive multi-family trade of 2014, The Real Deal has learned.

AVR acquired the 422-unit first phase of Modera Pembroke Pines in a transaction recorded on Friday, according to Broward County records.

Seller Mill Creek Residential of Boca Raton constructed the 10170 Southwest 7th Street community on 17 acres in 2013. It took ownership of the land for $11 million in a January 2012 deal.

AVR obtained a $62.1 million mortgage from New York Life Insurance for the purchase.

The company seems to be making a major bet on southwest Broward County. In July, AVR paid about $79 million for Davie’s Elan West apartments. The Modera acquisition surpasses the Elan West deal as Broward’s priciest of the year.

MENU