Sale of multi-housing development site at Nova Southeastern University closes
JLL Capital Markets closed the sale and secured the equity for the 793-unit Modera Academical Village in Davie, Florida
MIAMI, July 13, 2022 – JLL Capital Markets announced today that it 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, Florida.
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Brandon Company
The Brandon Company is real estate development firm based in Miami that has been active in commercial property development since 1975. The company is responsible for 6.5 million square feet of shopping center, office, and industrial development throughout the State of Florida. In partnership with Nova Southeastern University, The Brandon Company is developing The Academical Village. Upon its completion The Academical Village will consist of 3.2 million square feet of medical, office, retail, and residential uses along with a 200-room hotel and conference facility. The thirty-acre Academical Village is located on the NSU campus in Davie, Florida with strategic frontage on University Drive and access to the entire South Florida metropolitan area.
About Nova Southeastern University (“NSU”)
At NSU, students don’t just get an education, they get the competitive edge they need for real careers, real contributions and real life. A dynamic, private research university, NSU is providing high-quality educational and research programs at the undergraduate, graduate, and professional degree levels. Established in 1964, the university includes 14 colleges, the 215,000-square-foot Center for Collaborative Research, the private JK-12 grade University School, the world-class NSU Art Museum Fort Lauderdale, and the Alvin Sherman Library, Research and Information Technology Center, one of Florida’s largest public libraries. NSU students learn at campuses in Fort Lauderdale, Fort Myers, Jacksonville, Miami, Miramar, Orlando, Palm Beach, and Tampa, Florida, as well as San Juan, Puerto Rico, and online globally. With more than 200,000 alumni across the globe, the reach of the NSU community is worldwide. Classified as having “high research activity” by the Carnegie Foundation for the Advancement of Teaching, NSU is one of only 59 universities nationwide to also be awarded Carnegie’s Community Engagement Classification, and is also the largest private institution in the United States that meets the U.S. Department of Education’s criteria as a Hispanic-serving Institution. Please visit www.nova.edu for more information.
About Mill Creek Residential Trust
Mill Creek Residential Trust LLC is a national rental housing company focused on the development, acquisition and operation of rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida proactively develops, acquires, constructs and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation’s most desirable markets in Seattle, Portland, the San Francisco Bay area, Southern California, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of March 31, 2022, the company’s portfolio is comprised of 117 communities representing over 31,427 rental homes that are operating and/or under construction. For more information, please visit www.millcreekplaces.com.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.