Mill Creek Residential is continuing to invest heavily in South Florida’s apartment market.
The Dallas-based developer bought three properties in Fort Lauderdale’s Flagler Village for a combined $7 million to build a 24-story, 350-unit luxury apartment building called Modera 555, according to a press release from Berger Commercial Realty.
The properties are located at 815 Northeast Fifth Terrace, 501 Northeast Eighth Street and 812 Northeast Fifth Avenue.
Mill Creek bought the properties from RWL 8, LLC, which is managed by Robert Lovern, the non-profit Helping Abused Neglected Disadvantaged Youth (HANDY), Inc., and 812 N.E. 5th Ave LLC, which is managed by Bob Moss of Moss & Associates.
Berger Commercial Realty/ CORFAC International’s Steve Hyatt brokered the sales.
Mill Creek also acquired a fourth lot in an off-market deal at 531 Northeast Eighth Street, formerly Boyes Gas Service, according to a press release.
The project, at 555 Northeast Eighth Street, is expected to break ground in August.
Mill Creek is also currently developing Modera Biscayne Bay, a $120 million mixed-use apartment tower, in Miami’s Edgewater neighborhood on the former site of the Unity on the Bay Church. The 28-story building will have 296 apartments and 11,000 square feet of retail space.
Nearly a year ago, Mill Creek Residential paid $37.2 million for a 127-unit apartment complex in Dania Beach.