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Berger Commercial Realty Closes Sale of Flagler Village Lots Slated for Development into Luxury Apartment Building Modera 555

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Modera 555 Fort Lauderdale, FL

FORT LAUDERDALE, Fla. (July 30, 2019) – Berger Commercial Realty/CORFAC International Senior Vice President Steve Hyatt recently brokered the sale of three adjacent Flagler Village lots totaling 1.63 acres to Mill Creek Residential Trust Investments, LLC for a combined $7 million. The deals closed on July 26.

 

In the transactions, Hyatt represented:

  • RWL 8, LLC in the sale of 815 N.E. 5th Terrace;
  • Helping Abused Neglected Disadvantaged Youth (HANDY), Inc. in the sale of 501 N.E. 8th Street;
  • and 812 NE 5th Ave., LLC in the sale of 812 N.E. 5th Ave.

 

Mill Creek Residential also acquired a fourth lot located at 531 N.E. 8th Street, formerly Boyes Gas Service, in an off-market sale. The four lots comprise a contiguous two-acre parcel slated for development into Modera 555, a 24-story, 350-unit luxury apartment building.

 

Groundbreaking is anticipated in August. Upon completion, the address for Modera 555 will be 555 N.E. 8th Street.

 

“This deal is significant as Modera 555 will be the northern anchor of Flagler Village, the fastest growing urban market in Broward County, with a mix of multifamily, retail, hotel and office space,” Hyatt said. “Within the Downtown Development Authority’s boundaries, projects that have been built or approved include more than 19,500 new residential units, 3 million square feet of commercial space, 4.4 million square feet of office space and 1,241 hotel rooms.”

 

Mill Creek Residential Trust Investments, LLC was represented by Christopher Staller of Nelson Mullins, Riley & Scarborough LLP in the transactions. Mill Creek Residential is a leading multifamily investor and operator specializing in premier apartment communities across the United States. The company was recently ranked as the fourth largest apartment developer and fifth largest builder in the nation by the National Multifamily Housing Council.

About Berger Commercial Realty/CORFAC International:

Berger Commercial Realty/CORFAC International is a regional, full service commercial real estate firm based in South Florida. Independent and privately owned since its founding in 1998, the firm is a member of CORFAC International, a global network of independently owned commercial real estate brokerage firms. The firm’s property management and brokerage services include tenant/landlord and buyer/seller representation; project and construction management; receiverships; agency/project leasing; capital advisory/investment sales; retail services and more. For more information about Berger Commercial Realty’s brokerage services, CALL 954.358.0900 or visit www.bergercommercial.com.

About CORFAC International:

CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with global affiliates, CORFAC International has 60 North American offices and 20 offices in global markets. Founded in 1989, CORFAC firms completed more than 11,000 lease and sales transactions totaling approximately 500 million square feet of space valued in excess of $8.5 billion in 2015. For more information on the CORFAC network, call 224.257.4400 or visit www.corfac.com.

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