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

Investor pays $96M for Modera community in Pembroke Pines

New York /
Oct.October 20, 2014 01:25 PM

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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Robert Reffkin (Getty)
Compass lost $270M in 2020, revenue up 56% : IPO filing
Compass lost $270M in 2020, revenue up 56% : IPO filing
Many of the lower-tier malls that will be sold will likely be redeveloped into something else. (Getty)
U.S. mall values fall 60% after appraisals
U.S. mall values fall 60% after appraisals
(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Tenant activist nixed from City Planning Commission
Tenant activist nixed from City Planning Commission
Photo illustration of CoStar Group CEO Andrew Florance (iStock, Getty/Illustration by Kevin Rebong for The Real Deal)
CoStar ups its bid to acquire CoreLogic
CoStar ups its bid to acquire CoreLogic
(Getty / Photo Illustration by Alison Bushor for The Real Deal)
Five reasons Andrew Cuomo is doomed
Five reasons Andrew Cuomo is doomed
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...