Monday, June 8, 2015

HFF closes sale of and secures financing for Modera Pembroke Pines in South Florida



Modera Pembroke Pines Apartments Phase II, Pembroke Pines, FL


Matthew Lawton
MIAMI, FL – June 8, 2015 – 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.  

Jaret Turkell
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.

For a complete copy of the company’s news release, please contact:

Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

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