JLL Capital Markets closed the sale and arranged the equity of the Modera Academical Village development site, a two-phase, 793-home mixed-use apartment community with 16,000 square feet of ground-floor retail located on the campus of Nova Southeastern University in Davie.
JLL marketed the property on behalf of the seller, a partnership between the Brandon Company and Nova Southeastern University. Mill Creek acquired the asset. In addition, JLL also secured a joint venture equity partnership with FCP to capitalize the first phase of the project, as well as the acquisition of the land for the second phase.
Situated at 3400 S. University Drive, Modera Academical Village is located on the campus of Nova Southeastern University, adjacent to HCA Healthcare’s newly constructed, 950,000-square-foot hospital. The property is just 15 minutes from downtown Fort Lauderdale and within a 30-minute drive of 76 million square feet of office parks. The community’s proximity to I-595, Broward County’s primary east-west highway, will provide future residents convenient access to Florida’s Turnpike and I-95, as well as the rest of South Florida.
Modera Academical Village will be constructed in two phases. Phase I will be comprised of 397 homes in an eight-story mid-rise structure, and Phase II will include the remaining 396 homes in a 12-story structure. Phase I is anticipated to complete construction in 2024.
The JLL Capital Markets Investment Advisory team representing the seller was led by Manny De Zarraga, Maurice Habif, Simon Banke and Ted Taylor. The JLL Capital Markets Equity Advisory team was led by Mark Sixour and Simon Banke.
“Academical Village is a transformational project bringing a variety of uses to both Davie and Nova Southeastern University. Modera Academical Village plays a key role in this mixed-use development, providing highly desirable homes that are uniquely integrated with the university campus,” said Banke.
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