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New York

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

Investor pays $96M for Modera community in Pembroke Pines

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.

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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.