A New York-based investment firm has completed its $158.5 million purchase of the freshly built Modera Pembroke Pines apartment complex.
Mill Creek Residential built the 700-unit community in two phases, the first of which was sold for $95.5 million late last year to an affiliate of AVR Realty Co., which both develops and manages properties.
In a deed filed Friday, an affiliate of AVR purchased the second phase of the development for $63 million, marking the completion of its second multi-family investment in Pembroke Pines, as the South Florida Business Journal first reported.
Allan Rose, CEO and owner of AVR Realty Co., in a 2011 interview
The company also spent $78 million on the Sheridan Village Apartments, a 300-unit community that was built in late 2014.
For its Modera purchase, AVR took out a $41 million loan with New York Life Insurance Co., bringing their total financing to $103 million, according to public records.
The community has a clubhouse, fitness center, game room and a pool. Its apartments come in one-, two- and three-bedroom configurations.
Modera is one piece of an 80-acre mixed-use development in Pembroke Pines, which city officials hope will revitalize the area. The project was halted due to the recession a decade ago, but has been kickstarted again. It will include 1,100 rental apartments, 350-room hotel, 265,000 square feet of commercial space and 120,000 square feet of office space when completed. — Sean Stewart-Muniz