Mill Creek Sells Miami Rental Complex for $73M

DRA Advisors paid $73.4 million for a rental complex in Miami’s Health District, property records show. 

The property, called Modera Skylar, features two buildings and totals 263 apartments at 1444 Northwest 14th Avenue, just west of the University of Miami and Jackson Health hospital campuses. 

JLL Real Estate Capital provided a $60.6 million acquisition loan. The sale equates to just over $279,500 per unit.

Multifamily developer and investor Mill Creek Residential and San Francisco-based Rockwood Capital purchased the 1.7-acre property for $47.5 million in 2018, when it already included a 166-unit building that was completed in 2013.

The joint venture added a 97-unit building that was completed in 2022. 

Modera Skylar represents DRA Advisors’ only multifamily property in South Florida. Within the region, the New York-based firm has primarily invested in office and industrial properties. In a high-profile move, it purchased the I.M. Pei-designed Miami Tower office building for $163 million. 

Representatives for DRA, Mill Creek and Rockwood did not immediately respond to requests for comment.

Julia Echikson can be reached at jechikson@commercialobserver.com.