The Real Deal Miami

Mill Creek pays $37M for Aqua Isles Apartments in Dania Beach

Principal Real Estate Investments paid $28.5M for the complex in 2012
By Keith Larsen | August 27, 2018 11:30AM

Aqua Isles Apartments, Mill Creek Residential CEO, Charles R. Brindell, Jr.

UPDATED Aug. 27, 4:30 p.m.: Mill Creek Residential just paid $37.2 million for a 127-unit apartment complex in Dania Beach.

The Dallas-based company bought the complex, known as the Aqua Isles Apartments at 4791 Southwest 39 Way for $29,330 per unit. Mill Creek purchased the property from Principal Real Estate Investments, a subsidiary of the Des Moines, Iowa-based insurance company Principal Financial Group.

Mill Creek financed the acquisition with a $24.4 million mortgage from MetLife Real Estate Lending.

The apartment building totals 155,686 square feet. It was constructed in 2012.

Roberto Pesant, Chris Conklin, and Omar Morales of Walker & Dunlop Investment Sales represented Principal Real Estate Investors in the sale.

Principal Real Estate Investments originally purchased the newly built complex in 2012 for $28.5 million from Aqua Isles by Carr Residential, a company affiliated with veteran developer James Carr.

Mill Creek is also developing the Modera Port Royale in nearby Fort Lauderdale. Its other South Florida projects include the Modera Coral Gables, the Modera Dadeland, Modera Edgewater, and Modera Douglas Station.

While condo sales have started to slow in South Florida, multifamily sales have remained strong as the area deals with limited housing supply. Places such as Dania Beach and Boynton Beach are seeing properties trade at a much higher value than they were purchased for just a few years ago.

Correction: A previous version of this story misrepresented the previous sale price.