Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Mill Creek Spins Off Miami Apartments for $73.5M
Mill Creek Residential and Rockwood Capital sold the Modera Skylar, a 263-square-foot apartment complex at 1444 N.W. 14th Ave. for $73.5 million to a buyer managed by DRA Advisors.
The South Florida Business Journal reports that JLL Real Estate Capital provided a $60.5 million mortgage to the buyer. Totaling 498,269 square feet on a 1.75-acre site, Modera Skylar was developed in two phases. The first 166 units were completed in 2013, and then Mill Creek/Rockwood purchased the building for $47.45 million in 2018. They completed the remaining 97 apartments in 2022.
Amenities in Modera Skylar include a pool deck with grilling stations, a fitness center, a coworking center, an outdoor gym and a dog park.
Units in Modera Skylar range from 401 to 1,480 square feet.
- ◦Sale/Acquisition
