CBRE Brokers $120 Million Sale Of New Lux Apartment Community

CBRE has  arranged the sale of Modera Town Center, a new 487-unit, Class A, mid-rise and townhome residential asset located at 11575 City Hall Promenade in Miramar.
CIP II/MRCT Miramar Town Center, LLC (a joint venture between CrossHarbor Capital Partners and Mill Creek Residential Trust) sold the residential asset to Miramar Apartment Company, Inc. for $120 million. The property is located within the 54-acre master planned Miramar Town Center with a mix of 320,000 square feet of office, retail, and civic buildings.
 

“Anchored by the six-million square foot Miramar Park of Commerce, the Miramar address represents one of Broward’s largest and most sought-after office and industrial markets,” said Vice Chairman Robert Given of CBRE Multifamily.  “Modera Town Center represents the newest generation of apartments with best-in-class amenities and finishes that caters to the affluent demographic working in the vicinity.”

The property is currently finalizing its lease-up and is 88% leased with an average market rent of $1.78 per square foot.
Modera Town Center consists of 353 units in two mid-rise buildings and a mix of 134 two- and three-bedroom townhomes. Market leading interior finishes include granite countertops, 18”x18” ceramic tile flooring, espresso cabinets, stainless-steel GE appliances, satin nickel accessories, tile backsplash, full size washer and dryer, and knockdown finishes on the walls and ceiling. All units feature covered parking via a structured parking garage for the midrise units or direct access garages in the townhomes.
Amenities include a state-of-the-art fitness center with advanced cardio equipment, free weights, and circuit training machines, large conference room, multiple social areas, gaming and arcade rooms, and a computer room. Additional amenities include two hotel-inspired swimming pools, a yoga studio, billiards tables, barbeque areas, and a children’s playground.
CBRE’s Robert Given led the sales team that included both CBRE’s Zachary Sackley and Neal Victor.
 

————————-

Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning. Just follow the instructions below.

Enter your email address: