The Real Deal Miami

Mill Creek sells new Miramar apartments for $120M

Buyer represents investors that include banks, financial companies

December 31, 2015 11:15AM
By Sean Stewart-Muniz

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The Modera Town Center Apartments in Miramar

The Modera Town Center Apartments in Miramar

Developer Mill Creek Residential just sold its newly built apartment community in Miramar to a New York firm for $120 million.

The deal includes Modera Town Center Apartments, a rental community with 487 units within the Miramar Town Center development at 11575 City Hall Promenade. The units are split between two apartment complexes with attached parking garages, and a spread of lakeside townhouses at 11571 Canal Street.

An affiliate of Mill Creek built the complex, which sprawls out over just less than 20 acres, after paying New York’s Rockefeller Group $12.5 million for the land. Rockefeller had already developed a neighboring mixed-use project as part of a joint-venture with Kimco Realty.

The buyer is a company linked to Global Securitization Services, a New York firm that specializes in investing on behalf of clients such as banks, finance companies and industrial corporations.

At $120 million, this deal breaks down to about $246,406 per unit. The buyer financed its purchase with a massive $72 million loan from Berkeley Point Capital, according to Broward County records.

Apartments.com listings show units at the project range in price from $1,527 to $3,652 per month. Their sizes range between 702 and 1,566 square feet. Some of the complex’s amenities include swimming pools, fitness studio, clubhouse with arcade room and a children’s playground.

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