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South Florida

FCP, Mill Creek pay $25M for multifamily dev site next to NSU in Davie

Construction will start immediately on phase one with 397 units

Mill Creek’s William MacDonald with FCP’s Alex Marshall, Esko Korhonen and Lacy Rice in front of rendering of the Modera Academical Village project (Mill Creek Residential, FCP, Dorsky Yue International)
Mill Creek’s William MacDonald with FCP’s Alex Marshall, Esko Korhonen and Lacy Rice in front of rendering of the Modera Academical Village project (Mill Creek Residential, FCP, Dorsky Yue International)

A joint venture between FCP and Mill Creek Residential bought a multifamily development site next to Nova Southeastern University’s campus in Davie.

Chevy Chase, Maryland-based FCP and Boca Raton-based Mill Creek bought the land at 3400 South University Drive with plans to build Modera Academical Village with 793 units and 16,000 square feet of ground-floor retail, according to a news release from the seller’s broker.

A partnership between Miami-based Brandon Company and NSU, through an affiliate, sold the 4.9-acre site, records show.

Manny De Zarraga and Maurice Habif led the JLL team that represented the seller.

The first phase of Modera Academical Village will consist of an eight-story building with 397 units and 9,000 square feet of ground-floor retail, the release says. Construction is expected to be completed in 2024.

The second phase will consist of a 12-story building with 396 units.

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The project is part of the larger, master-planned development Academical Village that will have 2.5 million square feet of retail, residential, office, hotel and medical space, according to an FCP and Mill Creek news release. The site also is next to a 200-bed teaching hospital and a 120,000-square-foot medical office facility.

The project is likely a bet on demand for student housing from NSU students. Such housing has caught developers’ eyes, with several plans in the works near South Florida colleges.

The Cloisters Miami student housing near the University of Miami is set to expand, as Atlanta-based Landmark Properties will develop 36 townhouses with 168 bedrooms next to the existing community at 5830 Southwest 57th Avenue in Miami. Landmark plans to revamp the The Cloisters as well.

Student housing also has seen some investment sales activity. Tailwind Group purchased the 15-story 109 Tower at 737 Southwest 109th Avenue near Florida International University for $46 million in January.

South Florida’s multifamily market also has been thriving because of high demand, allowing landlords to increase rents to skyrocketing levels and prompting deal activity.

In Davie, Coral Gables-based Circle Capital Partners paid $34.7 million for the Vue on 67th complex at 4199 Southwest 67th Avenue in August.

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DavieMill CreekStudent Housing