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.

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.

“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.”