MIAMI, FL – HFF announced today that it has closed the $95.5 million sale of and arranged acquisition financing for Phase I of Modera Pembroke Pines, a two-phase, luxury multi-housing community totaling 700 units in Pembroke Pines, Florida.
HFF marketed the property on behalf of the seller, a joint venture between affiliates of Mill Creek Residential and Clarion Partners. AVR Realty Company purchased Phase I for $95.5 million. AVR separately engaged HFF to arrange the acquisition loan through New York Life Real Estate Investors.
In addition, HFF also arranged binding agreements with AVR for the sale and financing of Phase II of the property with closing slated upon completion of construction in 2015. New York Life Real Estate Investors will also provide acquisition financing for Phase II of the project.
Modera Pembroke Pines is located at 10170 SW 7th Street near Pines Boulevard and Palm Avenue in the Broward County suburb of Pembroke Pines. Situated on 27.2 acres, the project is the first component of Pembroke Pines City Center, a mixed-use, walkable master planned community. Phase I of the project was completed in early 2014 and includes 422 units, which are 95 percent leased. Due for completion in second quarter 2015, Phase II of the project will include 278 units. Both phases of the property include a mix of one-, two- and three-bedroom units in both flat and townhome configurations. Community amenities will include two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and available private garages and storage units.
The HFF investment sales team representing the seller was led by executive managing directors Manny de Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif.
HFF’s debt placement team was led by managing director Elliott Throne.
“Modera Pembroke Pines represents one of the premier residential communities in South Florida with state-of-the-art design features and a highly central location serving the intense employment nodes of northern Miami-Dade and Southwest Broward Counties, coupled with the desirable Pembroke Pines community retail, school and community amenities. Modera Pembroke Pines is another signature development of Mill Creek, one of the country’s top developers of multi-housing communities,” said de Zárraga.
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. Currently, the company’s portfolio comprises 29 communities representing nearly 13,000 apartment homes that are operating, under construction or in planning.
Clarion Partners has been a leading U.S. real estate investment manager for 32 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $32 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
AVR Realty Company has been in business for over 45 years and has built, acquired and developed over 30 million square feet of commercial and residential space. AVR’s portfolio includes office buildings, shopping centers, corporate and industrial properties, apartment complexes, residential communities and hotels.
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities and unsecured REIT bonds. With more than $37 billion in assets under management as of September 30, 2014, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.