The 487-unit, Class A, Modera Town Center sold in Broward County
Miramar, FL – January 5, 2016 – CBRE has successfully arranged the sale of Modera Town Center, a new 487-unit, Class A, midrise and townhome residential asset located at 11575 City Hall Promenade in Miramar, Florida. 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. 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 midrise 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
