MIAMI—Phase 1 of Modera Pembroke Pines, a two-phase luxury multifamily community with 700 units in the Fort Lauderdale suburb of Pembroke Pines, FL, has a new owner. HFF arranged the $95.5 million sale of the asset and the financing for the new owner.

HFF executive managing directors Manny de Zárraga and Matthew Lawton, managing director Jaret Turkell, director Matt Mitchell and associate director Maurice Habif, represented the seller, joint venture between affiliates of Mill Creek Residential and Clarion Partners, on the transaction. HFF managing director Elliot Throne represented the buyer, AVR Realty Company, with an acquisition loan through New York Life Real Estate Investors.

“Modera Pembroke Pines represents one of the premier residential communities in South Florida with state-of-the-art design features and a highly central location serving the intense employment nodes of northern Miami-Dade and Southwest Broward Counties, coupled with the desirable Pembroke Pines community retail, school and community amenities,” says de Zárraga. “Modera Pembroke Pines is another signature development of Mill Creek, one of the country's top developers of multi-housing communities.”

Located at 10170 Southwest 7th Street near Pines Boulevard and Palm Avenue in the Broward County, Modera Pembroke Pines sits on 27.2 acres. The project is the first component of Pembroke Pines City Center, a mixed-use, walkable master planned community. Phase I was completed in early 2014 and includes 422 units, which are 95% leased. Phase II of the project will include 278 units.

Beyond these deals, HFF arranged binding agreements with AVR for the sale and financing of Phase II of the property, which is expected to be compete by 2015. New York Life will also loan AVR funds to acquire phase two. Neither the buyer or seller could immediately be reached for comment.