**Mill Creek and Rockwood Capital Sell Modera Skylar in Miami for $73.5M**
Mill Creek Residential and Rockwood Capital have sold the Modera Skylar, a 263-unit apartment community located at 1444 N.W. 14th Avenue in Miami. The property was acquired for $73.5 million by a buyer managed by DRA Advisors.
According to the South Florida Business Journal, JLL Real Estate Capital provided $60.5 million in mortgage financing for the transaction.
Developed on a 1.75-acre site, the 498,269-square-foot property was constructed in two phases. The first phase, consisting of 166 units, was completed in 2013. Mill Creek and Rockwood purchased the asset for $47.45 million in 2018 and completed construction of the remaining 97 units in 2022.
Modera Skylar boasts a range of amenities, including a pool deck with grilling stations, a fitness center, coworking spaces, an outdoor gym, and a dog park. According to public listings, units at the community range in size from 401 to 1,480 square feet.
