Pembroke Pines Apartment Complex Fetches $226K Per Unit

The newly completed Modera Pembroke Pines was sold for $226,421 per apartment.
Mill Creek Residential completed the 422-unit project at 10170 S.W. Seventh Street in 2013. Its affiliate, Pines City Center Residences Phase I, recently sold it for $95.55 million to AVR Pembroke Pines.
The buyer, an affiliate of New York-based AVR Realty Co., obtained a $62.1 million mortgage from New York Life Insurance Co.
Mill Creek Residential is currently building the second phase of Modera, which will have 278 units.
 
Source:  SFBJ
 

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