Mill Creek sells new Miramar apartments for $120M

Buyer represents investors that include banks, financial companies

Dec.December 31, 2015 11:15 AM

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. 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.

Related Articles


Mill Creek closes on Edgewater site of $120M development

Rockwood and Mill Creek JV buys Modern Miami rental tower

Miami board approves two mixed-use projects in Edgewater and Overtown

Developers propose mixed-use projects in Allapattah, Edgewater and Overtown

1240 South Pine Island Road and Mill Creek Residential’s Senior Managing Director for South Florida Jeff Meran (Credit: Mill Creek Residential)

Mill Creek buys land, scores construction loan for Plantation rental project

Mill Creek nabs $80M construction loan for phase two of Dadeland apartments

Baptist proposes $30M medical office building in Plantation’s Cornerstone Corporate Center

Miami’s Urban Development Review Board signs off on Edgewater apartments