Development of the Transit-friendly Modera Station Adds 262 Class A Apartment Homes to Mill Creek’s Formidable South Florida Portfolio
DALLAS – November 7, 2013 – Mill Creek Residential, a national apartment developer, investor and operator, announced that it will move forward on the development of 262 luxury apartment homes in Miami, adjacent to the affluent Coral Gables and Merrick Park submarkets. The community – Mill Creek’s 8th development in Florida – will operate under the company’s Modera brand name and will be called Modera Station, reflecting its location on the Douglas Station Metrorail stop. Mill Creek expects to break ground on Modera Station in the fourth quarter of 2013, with first move-ins anticipated in April 2015.
“South Florida is Mill Creek’s most active core market and we are pleased to expand our presence here with the development of another Class A transit-oriented apartment community,” said Callum Parrott, Executive Managing Director. “We continue to leverage our deep local relationships to source sites like Modera Bird: prime locations in affluent neighborhoods close to Class A office hubs, world-class shopping and dining and easy access to public transit. This gives Mill Creek a distinct advantage to continue to build a strategic presence in South Florida locations characterized by population and job growth.”
Modera Station is Mill Creek’s 7th community in its South Florida portfolio, which includes Port Royale in Ft. Lauderdale (acquired in December 2012), lease-ups Modera Miramar, Modera Pembroke Pines, and Modera Coral Gables and developments Modera Town Center in Miramar, and Modera Dadeland in Miami. In total, Mill Creek’s South Florida portfolio comprises 3,083 apartment homes. In addition, Mill Creek has two communities totaling 623 apartment homes in Florida’s Tampa/St. Petersburg market: Modera Westshore, currently in lease-up, and Modera Prime 235 which is scheduled to begin leasing in January 2014.
Modera Station Overview
Modera Station’s 262 apartment homes are constructed as an eight-story concrete development surrounding a concrete structured parking garage. The pet-friendly community will offer 1-, 2- and 3-bedroom apartment homes ranging in size from 708 square feet to 1,378 square feet. Amenities include a concierge, garage parking, wellness center/fitness studio, yoga room, elevated deck with hotel-inspired style pool, resident clubroom with kitchen, gaming stations and business center, complimentary wi-fi, multiple courtyards and water features. Interior features include nine-foot ceilings, upgraded stainless appliances, chef’s island, granite countertops, ceramic tile flooring, upgraded light fixtures, full-size washer and dryer, ceiling fans and crown molding.
Adjacent to the affluent Coral Gables/Merrick Park submarket in Miami, Modera Station benefits from a central location in close proximity to three major Class A office hubs, with prolific international banking and business, hospitals, universities, exclusive neighborhoods, cultural centers and abundant shopping and dining opportunities. Coral Gables ranks as one of the most exclusive housing markets in the country; median housing values within a one-mile radius are almost $400,000 and almost $575,000 in the City overall. Current occupancy rates in the Coral Gables submarket average 98%.
The community is also connected to the Douglas Station Metrorail stop, which provides for a quick and easy commute to Downtown Miami, Brickell Avenue employment corridors, Dadeland and the Miami International Airport, as well as the main campus of the University of Miami – which is less than one mile away – and the UM/Jackson Memorial Medical Center. The site is also served by the Coral Gables free trolley system within one block, and the Miami-Dade County Transit System’s Metrobus located just a few blocks away.