MIAMI, FL – JLL Capital Markets today announced that it has completed the sale and arranged equity of the Modera Academical Village development site, a two-phase, 793-home mixed-use apartment community with 16,000 square feet of retail ground floor retail located on the campus of Nova Southeastern University in Davie, Florida.
JLL has 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 has also secured a joint venture partnership with FCP to capitalize the first phase of the project, as well as land acquisition for the second phase.
Located at 3400 S. University Drive, Modera Academical Village is located on the campus of Nova Southeastern University, adjacent to the new 950,000 square foot HCA Healthcare Hospital. The property is just 15 minutes from downtown Fort Lauderdale and less than 30 minutes drive from 76 million square feet of office parks. The community’s proximity to I-595, Broward County’s major east-west highway, will provide future residents with convenient access to Florida’s Turnpike and I-95, as well as the rest of South Florida.
Modera Academical Village will be built in two phases. Phase I will include 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 expected 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. JLL Capital Markets‘ equity advisory team was led by Mark Sixour and Simon Banke.
“Academic 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 housing that is uniquely integrated into the university campus,” Banke said.