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

Principal Real Estate Investments paid $28.5M for the complex in 2012

Miami /
Aug.August 27, 2018 11:30 AM

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.


Related Articles

arrow_forward_ios
The Apollo Companies' Edward Abbo and a rendering of the 12-story, 278-unit apartment development in Dania Beach (The Apollo Companies, City of Dania Beach DRC)
Developer wins approval for multifamily project in Dania Beach
Developer wins approval for multifamily project in Dania Beach
Invesca Development Group’s Bernard and Michael Hsiao with the development site at 4300-4400 Northwest Ninth Court in Plantation (Invesca, Google Maps)
Invesca scores $77M construction loan for Plantation rentals
Invesca scores $77M construction loan for Plantation rentals
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
Metronomic's Kelly Beam with 3265 Bird Avenue (Metronomic Holdings, Google Maps)
Embattled developer’s Coconut Grove rentals head to auction
Embattled developer’s Coconut Grove rentals head to auction
Lissette Calderon with 2301 Northwest 33rd Avenue
Calderon pays $32M for dev site near Beckham soccer stadium
Calderon pays $32M for dev site near Beckham soccer stadium
arrow_forward_ios

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

Loading...