MIAMI—Phase 1 of Modera Pembroke Pines, a two-phase luxurymultifamily community with 700 units in the FortLauderdale suburb of Pembroke Pines, FL, has a new owner.HFF arranged the $95.5 million sale of the assetand the financing for the new owner.

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HFF executive managing directors Manny deZárraga and Matthew Lawton, managingdirector Jaret Turkell, director MattMitchell and associate director MauriceHabif, represented the seller, joint venture betweenaffiliates of Mill Creek Residential andClarion Partners, on the transaction.HFF managing director ElliotThrone represented the buyer, AVR RealtyCompany, with an acquisition loan through New YorkLife Real Estate Investors.

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“Modera Pembroke Pines represents one of the premier residentialcommunities in South Florida with state-of-the-art design featuresand a highly central location serving the intense employment nodesof northern Miami-Dade and Southwest Broward Counties, coupled withthe desirable Pembroke Pines community retail, school and communityamenities,” says de Zárraga. “Modera Pembroke Pines is anothersignature development of Mill Creek, one of the country's topdevelopers of multi-housing communities.”

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Located at 10170 Southwest 7th Street near Pines Boulevard andPalm Avenue in the Broward County, Modera Pembroke Pines sits on27.2 acres. The project is the first component of Pembroke PinesCity Center, a mixed-use, walkable master planned community. PhaseI was completed in early 2014 and includes 422 units, which are 95%leased. Phase II of the project will include 278 units.

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

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