CBRE Brokers $120 Million Sale Of New Lux Apartment Community

Jan 05, 2016 No Comments by

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.

 

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Broward County Multifamily, Industry News, Multifamily, NA
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