HFF closes sale of and secures financing for Modera Pembroke Pines in South Florida
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of and secured acquisition financing for the newly-completed Phase II of Modera Pembroke Pines, a two-phase, luxury multi-housing community totaling 700 units in Pembroke Pines, Florida.
HFF marketed the property on behalf of the seller, a joint venture between affiliates of Mill Creek Residential Trust and Clarion Partners. AVR Realty Company purchased Phase II for $62.948 million. HFF also worked on behalf of AVR to secure acquisition financing through New York Life Real Estate Investors. In October 2014, HFF closed the sale of and arranged acquisition financing for Phase I of the project with the same involved parties.
Modera Pembroke Pines is located at 10170 SW 7th Street near Pines Boulevard and Palm Avenue in the Broward County suburb of Pembroke Pines. Situated on 27.2 acres, the project is the first component of Pembroke Pines City Center, a mixed-use, walkable master planned community. Phase I of the project was completed in early 2014 and includes 422 units, which are 95 percent leased. Completed in May 2015, Phase II is comprised of 278 units. Both phases of the property include a mix of one-, two- and three-bedroom units in both flat and townhome configurations. Community amenities will include two beach-entry swimming pools, two fitness centers, two business centers, two demo kitchens, two game rooms, two clubhouses and available private garages and storage units.
The HFF investment sales team representing the seller was led by executive managing directors Manny de Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif.
HFF’s debt placement team was led by managing director Elliott Throne.
About Mill Creek Residential Trust LLC
Mill Creek Residential Trust LLC is a national multifamily company focused on the development, acquisition and operation of apartment communities in targeted markets nationwide. The company proactively pursues development, acquisition and construction opportunities through its seasoned team of real estate professionals in 14 offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable apartment markets in Seattle, Portland, the San Francisco Bay area, Southern California, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Washington, D.C., New Jersey, New York and Boston. Currently, the company’s portfolio comprises 29 communities totaling nearly 13,000 apartment homes that are operating, under construction or in planning.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser and FINRA member firm, has been a leading U.S. real estate investment manager for 33 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England, as well as a presence in Mexico. With more than $35 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.
About AVR Realty Company
AVR Realty Company has been in business for over 45 years and has built, acquired and developed over 30 million square feet of commercial and residential space. AVR’s portfolio includes office buildings, shopping centers, corporate and industrial properties, apartment complexes, residential communities and hotels. For more information please visit www.avrrealty.com.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $41 billion in assets under management as of March 31, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.