The Real Deal Miami

Cooper City apartment community sells for $55M

Buyer is Louisiana-based real estate company

September 02, 2015 05:15PM
By Sean Stewart-Muniz

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The Jefferson Monterra apartment community in Cooper City

The Jefferson Monterra apartment community in Cooper City

A development partnership just sold the newly built Jefferson at Monterra apartment community in Cooper City for $55.7 million.

The community is part of Cooper City’s much larger Monterra housing development, which was built on 500 acres of undeveloped land south of Sterling Road.

Monterra’s developers, Armando Codina and Jim Carr, sold off 6.5 acres of the project in 2012 to Jag-Star Monterra LLC with the understanding that it would develop the property within the approved site plan, according to Broward County records.

Jag-Star is a partnership between the Jefferson Apartment Group and Starwood Capital Group. The two paid $9.98 million for the land in January 2012, and began construction on a 252-unit rental community dubbed Jefferson Monterra, which was completed in 2013.

A $22.2 million construction bond was awarded to the Kast Construction Company for the project, according to records.

Now, the partnership has sold its complex for $55 million to an affiliate of Morguard, a real estate company based in Louisiana. The company has 14,000 multifamily units under management, along with 52 million square feet of commercial properties valued at $9.8 billion, according to its website.