Mill Creek Residential acquired the development site for a 297-unit apartment complex in Miami’s Edgewater and plans to break ground soon.
Five land owners — N5 Holdings LLC, 24 on the Bay Two LLC, Prive Opportunity Investments Two, Edgesun 455 and Luis Cresencia — received $20.5 million from Boca Raton-based Mill Creek Residential for the 2.44-acre site, said Hernan Leonoff, a principal of MG3 Developer Group. Hollywood-based MG3 and Aventura-based Prive Group were among the owners in the selling group.
Mill Creek Residential Senior Managing Director Jeff Meran said his company obtained a $61.8 million construction loan from PNC Bank for the project, dubbed Modera Edgewater. He plans to start site work soon and complete it in two years.
The property is located at 10, 418, 426, 434, 442, 452, 460 and 470 N.E. 25th Street and 411, 421, 427, 439, 449 and 455 N.E. 24th Street.
“We love the location in the Edgewater market,” Meran said. “It is an up-and-coming urban location right off the bay. The area, while it has a lot of development activity, is definitely in need for some high-end luxury apartments.”
Designed by Corwil Architects, the 8-story building would total 477,626 square feet with 297 apartments and 436 parking spaces. The unit mix would break down to 18 studios, 114 with one bedroom, 16 with one bedroom plus a den, 106 with two bedrooms and 43 with three bedrooms.
Reported by South Florida Business Journal (March 7, 2017)
For complete contact information for all offices and key personnel of Mill Creek Residential refer to The Directory of Multifamily Builders & Developers and online database.