In a notable transaction last week, the Modera Skylar apartments located at 1444 NW 14th Ave. in Miami changed hands for $73.5 million.
The buyer, New York-based DRA Advisors, acquired the property from Boca Raton’s Mill Creek Residential and San Francisco’s Rockwood Capital.
As part of the deal, DRA assumed Mill Creek’s $60.5 million loan with JLL Real Estate Capital, which was previously issued by Affinius Capital Management for $54 million, with an additional $6.5 million added before being assigned to JLL.
Mill Creek and Rockwood had purchased the 20-story, 166-unit complex built in 2013 for $47 million, according to the South Florida Business Journal.
In addition to the main building, Mill Creek and Rockwood completed a second, 97-unit building in 2022, bringing the total size of the property to 498,000 square feet.
Last May, Affinius provided a $70 million refinancing loan for the complex, Commercial Observer noted.
Located in the Health District and near the University of Miami medical campus and the Jackson Health System, the Modera Skylar offers a prime location for residents.
In another development, an affiliate of Category Five Real Estate acquired a multifamily portfolio encompassing 184 units in Sunrise for $32 million.
The 26-building portfolio, totaling 161,000 square feet, was bought from entities managed by Jomy Zacharias.
Category Five financed the purchase with a $21 million mortgage from Santander Bank, which is set to mature in 2030.
Among the properties included in the deal are the Sunrise II Apartments, a 60-unit building at 7041 Sunset Strip, and the Lake Success Apartments, which include 60 units built between 1971 and 1972 at 2551-6398 NW 26th St.
The transaction was facilitated by Marcus & Millichap’s Evan Kristol, Austin Michels, and Brandon Rex, who represented both the buyer and seller.
Additionally, Olympus Property purchased the 132-unit Fifteen Miami apartments for $46 million from an entity controlled by Hannes Shoeckler.
The transaction involved financing through a Freddie Mac loan totaling $23 million, maturing in August 2030.
Opened last year at 1420 NW 15th Ave., this nine-story building offers a variety of apartments, from studios to two-bedroom units, ranging between 630 square feet and 1,150 square feet.
In further developments, Boston-based Longpoint Partners made headlines with the acquisition of a six-building portfolio in Doral for $82.2 million.
The buildings, sold by Terreno Realty Corp., are situated in the Airport West Submarket and range in size from 33,000 square feet to 64,000 square feet, with a 91% occupancy rate at the time of sale.
The properties are located at multiple addresses, including 8901 NW 20th St. and 2011 NW 89th Place.
Terreno was represented by CBRE’s José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun, and Daniel Sarmiento.
Morgan Stanley also saw a successful transaction, selling the Pompano Business Center II distribution center to an entity linked to Boston-based Cabot Properties for $38 million.
Morgan Stanley had originally acquired the property in 2022 for $25.5 million.
Built in 2020, the 133,000 square foot industrial facility on an 11-acre site at 3001 W. Copans Road represents a significant investment in the area.
Current Capital Group followed suit by purchasing a 166,000 square foot community shopping center, the County Square Shopping Center, from RMS Properties for $32 million.
The acquisition was financed through a $20 million loan from SouthState Bank.
The shopping center, located at 21301-21495 NW Second Ave., consists of two buildings constructed in 1986 and is anchored by DD’s Discounts and Ross.
In construction news, Boca Raton-based Grover Corlew has broken ground on a new 312-unit development, the Mayla Cypress apartments, in Fort Lauderdale.
The seven-story project, located at 6261 NW Sixth Way within Fort Lauderdale’s Uptown Urban Village, is projected to start leasing in the third quarter of 2026 and open in early 2027.
The community will include 586 parking spaces and offer a range of amenities, such as a clubhouse, a two-story gym, coworking and conference spaces, and even a dog spa.
Grover Corlew secured a $92 million construction loan for this ambitious project back in June.
On the financing front, Condra Property Group successfully obtained a $40 million construction loan from S3 Capital for the 36-unit Eturna Residences in Hollywood.
This condo building at 3319 N. Ocean Drive is already more than halfway through its construction, with a projected temporary certificate of occupancy expected by February.
As of now, Eturna Residences has presold 14 of its 36 units, representing approximately 39% of the building.
Lastly, Lefferts is set to open Ezio’s Steakhouse in the 72 Park condo development, marking the restaurant’s first permanent location after being a successful pop-up in New York.
Ezio’s will occupy 2,200 square feet at 580 72nd St. in Miami Beach and is anticipated to launch in the fall.
The 72 Park is a 22-story condo tower completed earlier this year, now almost completely sold out with remaining units priced starting around $800,000.
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