FCP and joint venture partner Mill Creek Residential Trust (Mill Creek) announce the $25 million acquisition of the Modera Academical Village development site within the Academical Village master plan and adjacent to Nova Southeastern University mega-campus in Broward County, Florida. Phase I of the development will break ground immediately and will include a 397-unit, eight-story apartment community at 3440 SW 76th Terrace with 9,000 square feet of ground floor retail. The acquisition includes a second phase of development with an additional 396 units.
“FCP is thrilled to partner with a leading national multifamily developer, Mill Creek Residential, on this dynamic new development,” said FCP’s Bruce Gago, who heads the firm’s Florida office. “Modera Academical Village is situated in a phenomenal location, well-positioned to meet the growth driven by medical and educational jobs in the community and provide much needed high-quality rental housing.”
The Modera Academical Village development will be adjacent to a 545-acre aggregation of educational and medical institutions anchored by Nova Southeastern University. The site is adjacent to a new 200-bed teaching hospital and a 120,000 square foot medical office facility. Upon completion, Academical Village master plan will comprise over 2.5 million square feet of retail, residential, office, hotel and medical space. Modera Academical Village is being built to a National Green Building Standard silver certification level.
FCP and Mill Creek extend their appreciation to Manny De Zarraga, Maurice Habif, Simon Banke and Ted Taylor of JLL for facilitating the transaction. The JLL Capital Markets Equity Advisory team was led by Mark Sixour and Simon Banke.