MIRAMAR, FLA. — CBRE has brokered the sale of Modera Town Center, a new 487-unit, Class A multifamily asset located at 11575 City Hall Promenade in the Miami suburb of Miramar. CIP II/MRCT Miramar Town Center LLC, a joint venture between CrossHarbor Capital Partners and Mill Creek Residential Trust, sold the asset to Miramar Apartment Co. for $120 million.
The property is located within the 54-acre, master-planned Miramar Town Center, which includes mix of 320,000 square feet of office, retail and civic buildings.
“Anchored by the 6 million-square-foot Miramar Park of Commerce, the Miramar address represents one of Broward County’s largest and most sought-after office and industrial markets,” says Robert Given, vice chairman of CBRE Multifamily.
The property is 88 percent leased with an average market rent of $1.78 per square foot.
Modera Town Center consists of 353 units in two midrise buildings and a mix of 134 two- and three-bedroom townhomes. Interior finishes include granite countertops, ceramic tile flooring, espresso cabinets, stainless-steel GE appliances, accessories, tile backsplash, full-size washer and dryer and knockdown finishes on the walls and ceiling. All units feature covered parking via a parking garage for the midrise units or direct access garages in the townhomes.
Amenities include a fitness center with cardio equipment, free weights and circuit training machines, conference room, multiple social areas, gaming and arcade room and a computer room. Additional amenities include two swimming pools, a yoga studio, billiards tables, barbeque areas and a children’s playground.
Robert Given led CBRE’s sales team, which also included Zachary Sackley and Neal Victor.
— Haisten Willis