DRA Advisors is dipping into Miami’s Allapattah multifamily market, acquiring a 263-unit apartment complex for $73.5 million.
An affiliate of New York-based DRA, led by David Luski, bought Modera Skylar at 1444 Northwest 14th Avenue, records and real estate database Vizzda show. The buyer also assumed a $60.5 million mortgage from JLL Real Estate Capital.
DRA paid $279,467 per apartment.
Modera Skylar consists of two 20-story buildings and a five-story parking garage with a rooftop pool deck. The complex offers a mix of studio, one-, two- and three-bedroom apartments.
Built in two phases, Modera Skylar’s first 166 units were completed in 2013, records show. A partnership between Boca Raton-based Mill Creek Residential and San Francisco-based Rockwood Capital paid $47.5 million for the 8.5-acre site in 2018. The joint venture completed the second phase consisting of 97 apartments four years later.
In recent years, Allapattah has seen a wave of new apartment projects with higher than average rents. The average rent for a one-bedroom apartment in the neighborhood is $2,500 a month, compared to $2,100 a month for Miami overall, according to Rentcafe.com.
Modera Skylar is about one block south from The Fifteen Miami, a nine-story project with 132 apartments that Fort Worth, Texas-based Olympus Property purchased for $45.9 million.
Two recently completed Allapattah multifamily projects by Lisette Calderon’s Neology Development Group also scored major refinancings. In January, New York-based Apollo Asset Management provided a $84.5 million loan for The Julia Residences, a 14-story building with 323 apartments at 1625 Northwest 20th Street. The mortgage paid off a previous $78.2 million loan.
Less than a month earlier, Miami Beach-based Starwood Property Trust, led by billionaire Barry Sternlicht, provided a $63.5 million mortgage for Fourteen Main Street Residences, a complex consisting of a 14-story tower and a five-story building with 237 apartments combined. The Starwood loan paid off a $57.5 million mortgage.
The Julia features one- and two-bedroom apartments ranging from $2,300 a month to $3,848 a month, according to Apartments.com. Fourteen Main Street Residences consists of one- and two-bedroom units, with rents from $2,231 to $3,216 a month.
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