Mill Creek Residential and Rockwood Capital sold the Modera Skylar, a 263-square-foot apartment complex at 1444 N.W. 14th Ave. for $73.5 million to a buyer managed by DRA Advisors.
The South Florida Business Journal reports that JLL Real Estate Capital provided a $60.5 million mortgage to the buyer. Totaling 498,269 square feet on a 1.75-acre site, Modera Skylar was developed in two phases. The first 166 units were completed in 2013, and then Mill Creek/Rockwood purchased the building for $47.45 million in 2018. They completed the remaining 97 apartments in 2022.
Amenities in Modera Skylar include a pool deck with grilling stations, a fitness center, a coworking center, an outdoor gym and a dog park.
According to Apartments.com, units in Modera Skylar range from 401 to 1,480 square feet.
The post Mill Creek Spins Off Miami Apartments for $73.5M appeared first on Connect CRE.
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