Mill Creek Sells Miami Apartments For $73M: The South Florida Deal Sheet
The Modera Skylar is one of a handful of multifamily complexes that traded hands last week.
Boca Raton-based Mill Creek Residential and San Francisco-based Rockwood Capital sold the building for $73.5M to New York-based DRA Advisors, according to property records provided by Vizzda.
DRA assumes Mill Creek’s $60.5M debt with JLL Real Estate Capital. The original note, issued by Affinius Capital Management, was $54M, and an additional $6.5M was tacked on before assigning it to JLL, according to Vizzda.
Mill Creek and Rockwood purchased the 20-story, 166-unit apartment complex built in 2013 for $47M, the South Florida Business Journal reported.
The partners built a second, 97-unit building in 2022, for a total of 498K SF. Affinius provided a $70M refinancing loan for the apartment complex last May, Commercial Observer reported last year.
The complex at 1444 NW 14th Ave. is in the Health District, close to the University of Miami medical campus and the Jackson Health System.
SALES
An affiliate of Category Five Real Estate purchased a 184-unit multifamily portfolio in Sunrise from entities managed by Jomy Zacharias for $32M, according to property records provided by Vizzda.
Category Five purchased the 26-building portfolio totaling 161K SF with a $21M mortgage from Santander Bank that matures in 2030. Berkadia's Brad Williamson, Mitch Sinberg, Matt Robbins and Kyle Ryan arranged the loan.
Among the buildings that traded hands were the Sunrise II Apartments at 7041 Sunset Strip, a two-story, 60-unit building built in 1972; and the Lake Success Apartments at 2551-6398 NW 26th St., with 60 apartments built between 1971 and 1972.
Marcus & Millichap’s Evan Kristol, Austin Michels and Brandon Rex represented both the buyer and seller in the deal, according to a release.
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Olympus Property purchased the 132-unit Fifteen Miami apartments from an entity controlled by Hannes Shoeckler for $46M, according to property records provided by Vizzda.
Olympus purchased the property with a Freddie Mac debt of $23M that matures in August 2030.
The nine-story, 202K SF building, which opened last year at 1420 NW 15th Ave., has apartments ranging from studios to two-bedroom units between 630 SF and 1,150 SF, according to its website.
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Boston-based Longpoint Partners purchased a six-building portfolio in Doral for $82.2M, according to a release.
Terreno Realty Corp. sold the six buildings in the Airport West Submarket, which range between 33K SF and 64K SF. The portfolio was 91% occupied at the time of the sale by 21 tenants.
The buildings are at 8901 NW 20th St., 2011 NW 89th Place, 8940 NW 24th Terrace, 8933 NW 23rd St., 1400 NW 89th Ave. and 1401 NW 89th Court.
CBRE’s José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento represented Terreno.
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An entity tracing to Boston-based Cabot Properties purchased the Pompano Business Center II distribution center from Morgan Stanley for $38M, according to property records provided by Vizzda
Morgan Stanley purchased the building in 2022 for $25.5M, the South Florida Business Journal reported at the time. The 133K SF industrial building at 3001 W. Copans Road was built in 2020 on an 11-acre plot.
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An entity tracing to Current Capital Group purchased a 166K SF community shopping center from RMS Properties for $32M, according to property records provided by Vizzda.
Current purchased the County Square Shopping Center at 21301-21495 NW Second Ave. with a $20M loan from SouthState Bank. The 15-acre property consists of two buildings built in 1986, anchored by a DD’s Discounts and Ross.
CONSTRUCTION AND DEVELOPMENT
Boca Raton-based Grover Corlew broke ground on the 312-unit Mayla Cypress apartments in Fort Lauderdale, according to a release.
The seven-story project at 6261 NW Sixth Way in Fort Lauderdale's Uptown Urban Village is expected to start leasing in the third quarter of 2026 and deliver in early 2027.
The community will have 586 parking spaces, and amenities include a clubhouse, a two-story gym with a yoga room, a coworking space, conference space and a dog spa.
Grover Corlew landed the $92M construction loan for the project in June.
FINANCING
Condra Property Group landed a $40M construction loan from S3 Capital for its 36-unit Eturna Residences in Hollywood, according to a release.
The condo building at 3319 N. Ocean Drive is already more than halfway through construction, and Condra expects to receive a temporary certificate of occupancy by February. Eturna Residences has presold 14 of the 36 units, about 39% of the building.
THIS AND THAT
Lefferts is bringing Italian steak and seafood restaurant Ezio’s Steakhouse to the ground floor of its 72 Park condo development, according to a release.
Ezio’s was originally a limited-time pop-up in the original Roberta’s in New York, which was featured on The New York Times’ 22 Best Pizza Places in New York Right Now.
This will be the first permanent location of the New York-based pop-up restaurant co-founded by Brandon Hoy and chef Carlo Mirarchi. The restaurant will open in 2,200 SF at 580 72nd St. in Miami Beach in the fall.
72 Park is a 22-story condo tower completed in March, now 97% sold. Remaining units range between 470 SF and 1,180 SF, with prices starting around $800K.
