The Real Deal Miami

Miramar apartment complex sells for $70M

California investor buys sprawling rental community
By Eric Kalis | November 25, 2013 09:45AM

IMT Miramar

A sprawling Miramar apartment complex has traded for $70 million, The Real Deal has learned.

Red Road Residences, a company connected to Mill Creek Residential Trust, sold the former Modera Miramar community at 11338 SW 45th Place on Friday, according to Broward County records. The Mill Creek company completed the 349-unit luxury complex, which includes 116 townhomes, on 21 acres last year. It sold the community for about $200,000 per square foot.

A company managed by Sherman Oaks, Calif.-based IMT Residential is the buyer. IMT is an apartment operator that focuses on Arizona, California, Texas and Florida, according to the company’s website. It has already rebranded the community as IMT Miramar.

IMT obtained an $80.5 million Freddie Mac loan through HFF. The mortgage matures in December 2020.

The complex was most recently assessed at $57.1 million by Broward’s property appraiser.

IMT Miramar is located within a 124-acre master-planned subdivision approved for 1,500 residential units and 100,000 square feet of commercial space. Amenities at the complex include a 7,000-square-foot clubhouse with an iPad lounge, game room, gym and swimming pool. Rents range from $1,360 per month for certain one-bedroom apartments to $2,305 per month for select three-bedroom units, according to IMT.

Founded in 2010, Mill Creek is nationally headquartered in Dallas and has a regional office in Boca Raton. The company is currently developing Modera-branded communities in Coral Gables, Miami, Miramar and Pembroke Pines. It projects a total apartment portfolio of 15,000 units by the end of 2013, according to Mill Creek’s website.

Mill Creek made a splash with the December 2012 purchase of the waterfront Port Royale apartment complex in Fort Lauderdale for $117.4 million. At the time, the transaction was South Florida’s most expensive multi-family trade in more than two years. The $225 million sale of the Resort at Pembroke Pines in June set a new post-recession pricing milestone for the sector.

Apartment investors nationwide continue to aggressively pursue communities throughout South Florida. Reports surfaced last week that the two-tower Terrazas River Park Village Apartments in Miami’s Health District sold for more than $75 million to an affiliate of New York-based Ladder Capital Financing Holdings.