An investment fund managed by Goldman Sachs has acquired a newly constructed 397-unit multifamily property in Davie for $154.5 million. The asset, known as Modera Academical Village I, is located at 3440 SW 76 Terrace near Nova Southeastern University.
The purchase price equates to nearly $390,000 per unit, according to property records. Mill Creek Residential, the seller, completed the eight-story, 689,000-square-foot building last year.
A Strategic Addition to Goldman’s Portfolio
The apartments feature one-to-three-bedroom units ranging from 730 to 1,490 square feet. This acquisition marks the first phase of the larger 793-unit Modera Academical Village development, with another 396-unit project still in the planning stages.
Other Notable South Florida Deals
In a separate deal, Memorial Healthcare System acquired a 271,000-square-foot office park in Hollywood for $69 million. The Venture Corporate Center, comprising three four-story buildings, is primarily occupied by medical practices and professional firms.
Memorial Healthcare CEO Shane Strum stated the purchase aligns with the system’s expansion plans, as they intend to occupy the entire property over time. The seller, an entity linked to Fox Ridge Capital and Jax Capital Investments, had purchased the site for $50 million in 2021.
Meanwhile, an affiliate of Kerra Investments bought a 228-unit apartment complex in Pompano Beach for $73 million. The Aviara East Pompano complex, consisting of two eight-story buildings and a six-story structure, was sold by an entity associated with Aviara Properties.
Kerra assumed a $58 million loan from an affiliate of Ladder Capital Corp. as part of the transaction. The deal was brokered by Cushman & Wakefield’s Roberto Pesant, Jose Mota, and Wouter Lips.
Additional South Florida Transactions
In Plantation, a 935-unit self-storage facility changed hands for $20.9 million. The 122,000-square-foot building, located at 1480 NW 66th Ave, was sold by an entity linked to Compson Associates to an affiliate of Clarion Partners. The facility, operated by Extra Space Storage, was completed last year.
Miami-based Galium Capital entered the multifamily market with the acquisition of a 156-unit apartment complex in Aventura for $28.7 million. The Arbors Aventura, built in 1969, features units ranging from 810 to 1,310 square feet and was previously owned by an entity managed by Corinthian Capital Real Estate Partners’ Denis Barreto. The property was purchased for $35.2 million in 2022, according to Miami-Dade County records.
Retail and Financing Deals
In Palm Beach Gardens, Nuveen Real Estate sold the Promenade Shopping Plaza, a 207,000-square-foot retail center anchored by Publix, for $66.8 million. The property, located at 9840 Highway A1A, is 98% leased and was purchased by The Mount Vernon Co. Publix recently expanded its presence with a new 55,000-square-foot store, replacing a smaller 42,000-square-foot building from 1989.
In the financing sector, Lore Development Group secured a $58 million construction loan for The Lincoln, a 48-unit luxury condo project in Coconut Grove. The loan, provided by SME Capital, will fund the development, which is expected to be completed by the third quarter of 2028. Amenities include a rooftop pool, sauna, golf simulator, and dog park. Berkadia’s Scott Wadler, Bobby Dockerty, Mitch Sinberg, Matt Robbins, and Brad Williamson arranged the financing.
Pinnacle landed a $40.2 million financing package to build the first phase of the affordable senior housing project Pinnacle at Cypress. Bank of America and JPMorgan Chase are the lead financiers with a $20 million tax-exempt bond, with other funding coming from the Florida Housing Financing Corp. and Broward County. The project at 6520 N. Andrews Ave. will feature 100 one-bedroom apartments targeting seniors earning 22%, 33%, and 60% of the area median income. It will have 6,530 square feet of ground-floor commercial space.
Executive Appointments
Driftwood Capital tapped three new executives to lead its equity and credit investments. David Resnick joined as co-chief investment officer after spending about 10 years at 13th Floor Investments, where he most recently served as CIO. David Steiner was promoted to co-CIO after joining the company in 2020 and co-founding its credit platform. Andrew Dykeman, formerly of the Witkoff Group, was named senior vice president of equity investments, responsible for underwriting and structuring new equity investments.