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WASHINGTON, D.C. – October 31, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces $156.2 million in financing for Modera Avenir Place, a best-in-class residential property in Vienna, Virginia.
The HFF team worked exclusively on behalf of the borrower, a joint venture between Mill Creek Residential Trust LLC and institutional investors advised by J.P. Morgan Asset Management, to secure the floating-rate loan with MetLife Investment Management. Loan proceeds were used to retire existing construction financing.
Modera Avenir Place is situated at the intersection of Prosperity Avenue and Gallows Road adjacent to the Shops at Avenir Place and Interstate 66. The transit-oriented community is adjacent to the Dunn Loring-Merrifield Metrorail station (Orange Line) and numerous major thoroughfares that provide accessibility to the entire D.C. metropolitan area. Modera Avenir Place, a grocery-anchored mixed-use development, was completed in two phases in 2013 and 2015. The community comprises 628 residential apartment homes averaging 882 square feet, 578 of which are market-rate units. The studio, one- and two-bedroom floor plans include state-of-the-art features such as gourmet-inspired kitchens with stainless steel appliances and quartz countertops, central heat and air conditioning, high-end light fixtures, hardwood-style flooring and abundant storage. Community amenities include two swimming pools with sun decks, grilling stations, billiards and gaming consoles, and business centers with cyber cafes. The property includes a ground-floor Harris Teeter, Inova Care Center and Thai by Thai restaurant.
The HFF team representing the borrower included Nicole Brickhouse, Jamie Leachman, Jennifer Keller, Mike Tepedino, Sue Carras, Walter Coker and Brian Crivella.
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the grand opening of Modera Riverhouse, a luxury apartment community located along the Miami River in the Spring Garden Historic District.
The community, which features 292 apartment homes and expansive views of the river and Downtown Miami, is conveniently located within moments of Miami’s world-class entertainment, nightlife and art districts. Also situated amidst the city’s largest employment centers in the Miami Health District and Downtown/Brickell Financial District, the community boasts a refined touch with lifestyle-enhancing amenities and apartment features.
“The Miami market continues to thrive, and we believe Modera Riverhouse is situated in one of the most charismatic locales in the city,” said Jeff Meran, senior managing director of South Florida for Mill Creek Residential. “The river has its own allure, and the skyline views paired with the close proximity to the Health District and Downtown Miami make this community truly one of a kind. We’re ecstatic to welcome our newest residents and offer them an unrivaled experience.”
Situated at 1170 NW 11th Street, the community consists of three buildings, including an eight-story wrap with structured parking. Casa Jardin, a historic house located in the community, has been revamped into a refined resident lounge with free Wi-Fi and coffee for residents of Modera Riverhouse. The community boasts close proximity to the Dolphin Expressway and Interstates 95 and 395, which provide connectivity to the entertainment and employment centers across the metropolitan area.
The site is also six miles from Miami International Airport and approximately three miles from the Miami Worldcenter, a sizable mixed-use development currently under construction. The locale will be home to a convention center, retail, hotel and residential space. Modera Riverhouse residents will have a direct path to the Miami Worldcenter via NW 11th Street as well as Downtown and Brickell via N River Drive. The community is also within 3.5 miles of Port of Miami and within a 10-minute walk of Marlins Park.
Modera Riverhouse consists of studio, one-, two- and three-bedroom homes with penthouse and townhome layouts available. The community will feature a wide array of deluxe amenities, including a club-quality fitness studio, yoga/Pilates studio, luxurious rooftop deck with expansive pool, sky lounge and terrace, dog wash and spa, internet lounge, and lush community green space with gathering areas. Residents also have access to package lockers, valet dry cleaning and dedicated bike storage.
Apartment interiors will offer a variety of upmarket touches, including nine-foot ceilings, breakfast bars, quartz countertops, modern tile backsplashes, chef-quality Energy Star stainless appliances and in-home washers and dryers. Select apartment homes will include spacious walk-in closets, private balconies or patios and stunning river, city or green space views.
Modera Riverhouse is Mill Creek’s eighth development community in the Miami metropolitan area. Others include Modera Metro Dadeland, Modera Douglas Station and Modera Edgewater.
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of preleasing at Modera Central, a luxury mixed-use apartment community located in the epicenter of Orlando’s Central Business District and the South Eola neighborhood.
The 22-story high-rise features 350 apartment homes and the new 32,000-square-foot University Club of Orlando. The site boasts a Walk Score of 98 and is within walking distance of more than 120 nightlife and dining options throughout the downtown corridor. Modera Central will welcome its first residents in August.
“It is both exciting and humbling to be paired with the University Club of Orlando, which is such a longstanding and respected organization in the city,” said Eran Landry, vice president of development for Mill Creek Residential. “This represents Mill Creek’s first opportunity to join this wonderful community and we’re eager to provide them with the finest living experience in the area.”
Situated at 125 East Pine Street at the corner of Rosalind Avenue, Modera Central joins the reimagined, more contemporary University Club of Orlando at the site where the original club had made its home since 1960. The location is also across the street from the 23-acre Lake Eola Park, home to the Walt Disney Amphitheater and its various performances and community events. Modera Central offers commuter-friendly access near a SunRail station and easy connectivity to Interstate 4 and State Road 408.
The community offers prime access to Downtown Orlando, which continues to emerge as a hub for finance, government, commerce and numerous additional high-skilled professional jobs. The Central Business District is a cultural mecca home to numerous theaters, galleries, museums and parks. The South Eola neighborhood is more tranquil than the surrounding area and contains the only grocery store within the downtown area, a Publix supermarket that sits four blocks from the community. The picturesque neighborhood is home to the Orlando Farmers Market, which is a short walk from the community.
Modera Central is designed with urban contemporary architecture and consists of one-, two- and three-bedroom homes. The outdoor amenity package at the pet-friendly community is designed to capture the surrounding views of the city and Lake Eola. It includes a resort-style elevated deck with heated saltwater pool, barbecue grills, fire pit lounge and numerous outdoor seating areas. Indoor amenities consist of a fitness center, yoga studio with fitness on demand, demonstration kitchen, game room and a state-of-the-art leasing office. An expansive lobby with dramatic ceilings will feature a concierge desk along with a Hub By Amazon package concierge and a convenient pet spa. Residents will also have controlled-access garage parking, bike storage and additional storage.
Apartment interiors are furnished with quartz countertops, stainless-steel appliances, custom 42-inch cabinetry, vinyl plank flooring, contemporary lighting fixtures, ceramic wall tile in baths and stacked washers and dryers. Select homes feature moveable kitchen islands, bathroom vanities with accent lighting and frameless shower doors.
Modera Central is the first community Mill Creek has developed in the Orlando area.
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of preleasing at Modera Shepherd, a luxury apartment community in the vibrant Rice Military/Washington Corridor of Houston.
The community, which features a combined 245 homes in a six-story, wood-framed building above three levels of subterranean parking, is conveniently located within minutes of the downtown Central Business District. The prime location is surrounded by a wealth of world-class dining, shopping, hotels and nightlife options. First move-ins are anticipated for summer.
“We’ve always had an appreciation for the Houston market, and we’re thrilled to develop a community that is centrally located in the middle of everything,” said Jeb Cox, senior managing director of Houston and Austin for Mill Creek Residential. “Modera Shepherd will promote an active, social vibe where residents will commonly frequent the amenity spaces – sometimes more often than their homes. It’s a place their friends will want to visit on the weekends and one that we believe will provide a first-class living experience.”
Situated at 611 Shepherd Drive, the community offers quick connectivity to the booming employment sector of downtown and hip neighborhoods such as Houston Heights and River Oaks. The Galleria, located about six miles from the community, is an upscale retail destination that attracts upwards of 30 million visitors per year. The community also sits near several recreational outlets, including Memorial Park and Buffalo Bayou Park.
Modera Shepherd provides quick access to Interstate 10, Memorial Drive and Allen Parkway, which link to various key locales across the metropolitan area. In addition to the thriving Central Business District, which is home to nine Fortune 500 companies and 50 million square feet of office space, residents are four miles from Greenway Plaza. In addition, oil jobs are starting to return which will drive more job growth to the city, making the delivery of new apartment homes particularly timely.
Modera Shepherd consists of studio, one- and two-bedroom homes with loft penthouse homes available. Community amenities include a club-quality fitness center with Peloton Bikes, Woodway Treadmills and Cross Fit Virtual Trainers; resort-style swimming pool, rooftop sky lounge overlooking downtown, arcade room, conference center, pet spa and an open-air lounge with pool, ping-pong and shuffleboard. Residents will also have access to controlled-access garage parking, bike storage with repair station, self-serve package lockers and refrigerated package lockers for perishable goods.
Apartment interiors feature elevated ceilings, wood plank-style flooring, stainless-steel appliances, front-loading washers and dryers and USB ports. Select homes include walk-in closets, separate dining areas, soaking tubs, pantries and private patios.
Including Modera Shepherd, Mill Creek has developed, is developing or has acquired eight communities in the Houston area. Others include Modera Energy Corridor, Modera Flats, Astor Tanglewood, Sola Uptown River Oaks and Modera Spring Town Center.
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of preleasing at Modera Needham, a luxury apartment community consisting of townhomes and midrise flats in the affluent Boston suburb of Needham.
The community, which features a combined 136 homes, is conveniently near Route 128, which serves as a major employment corridor for the surrounding area. The locale also provides walkability to nearby schools and a variety of neighborhood attractions. Boasting a mix of expansive apartment homes and market-leading finishes and amenities, Modera Needham offers a level of comfort and convenience unique to the area. First move-ins are anticipated for June.
“With its expansive homes and prime connectivity to Boston, we believe Modera Needham will serve as one of the most desirable options in the submarket,” said Lars Unhjem, vice president of the Boston market for Mill Creek Residential. “Whether residents crave quick access to the city, top-level schools or nearby recreation opportunities, this exceptional location is extremely attractive to many renters.”
Constructed with a timeless New England contemporary design to match its surroundings, Modera Needham consists of 52 three-story town homes and 84 traditional apartment homes contained within a five-story midrise. The site offers convenient access to Interstate 95/Route 128, Route 9 and the Massachusetts Turnpike (Mass Pike).
In addition, the Hersey commuter rail station is within one mile of the community and offers connectivity to Downtown Boston and its array of employers in less than 30 minutes. The Boston area is renowned for its presence in the pharmaceutical industry with companies such as Keryx Biopharmaceuticals and Merck Research Laboratories, and the city is also home to offices for TripAdvisor, Coca-Cola, Intuit, Adobe and Trader Joe’s.
Residents will have access to an array of boutique-style shops along Highland Avenue, including the Needham Shopping Center and Needham Gateway Shops. Needham is also home to Theater on the Roof and Arlekin Players Theater. Located at 700 Greendale Avenue, the community also connects to numerous walking trails and the meandering Charles River. The area’s elite school system includes Needham High School, Pollard Middle School, High Rock School (sixth grade) and Broadmeadow Elementary School.
Modera Needham consists of one-, two- and three-bedroom flat-style homes while the townhomes are offered in two- and three-bedroom layouts. The homes will feature an average square footage of 1,472 with many den and loft layouts available. Community amenities include an outdoor saltwater pool, terrace with private dining area and barbecue grills, 24-hour club-quality fitness center with a yoga/Pilates studio and group exercise room, expansive clubhouse with coffee bar, game room with pool table, theater room and a pet spa. Residents will also have access to digital package lockers, bike storage, valet dry cleaning, controlled-access garage parking and a business center with computer stations and a conference room.
Apartment interiors are furnished with quartz countertops, stainless-steel appliances, custom 42-inch cabinetry, nine-foot ceilings, wood plank-style flooring, upgraded fixtures, pendant lighting, tile backsplashes, USB outlets, Nest thermostats, walk-in closets and in-home washers and dryers. Select homes feature private patios or balconies, separate dining areas, breakfast bars, gas fireplaces, double vanities and linen closets.
Including Modera Needham, Mill Creek has developed or acquired six communities in the Boston area. Others include Modera Hopkinton, Modera Medford, Modera Natick Center and Alister Quincy.
Mill Creek Residential, a leading multifamily investor and operator specializing in premier apartment communities across the U.S., today announced the start of preleasing at Modera River North, a five-story luxury apartment community located in the growing River North (RiNo) neighborhood just north of Downtown Denver.
Situated on the corner of 28th and Blake Street and is in the heart of the River North Art District, Modera River North features 182 apartment homes, world-class amenities and stunning views of the mountains and city skyline. First move-ins are anticipated for summer of 2018.
“Denver is one of the most desirable multifamily markets in the nation, and interest to relocate to the area continues to spike,” said Brian Wynne, senior managing director of the Mountain States for Mill Creek Residential. “The River North neighborhood is one of the fastest growing submarkets near downtown, and we believe this community will cater to those who crave a prime living experience to match with Denver’s active lifestyle.”
Featuring a Walk Score of 87 and Bike Score of 94, Modera River North is within walking distance of downtown and all that RiNo has to offer. From its location at 2840 Blake Street, the community also provides quick access to the state’s major highways, Interstates 25 and 70. It is also situated less than a half-mile from an RTD A Line stop with a route to Denver International Airport and Downtown Denver, and just over one mile from the vast transit options at Union Station.
The River North Art District is a creative sector that includes some of the city’s most prominent art galleries, studios, creative spaces, restaurants, bars and breweries. The RiNo area, which hosts many art-focused fairs and festivals, is also home to a variety of tech and creatively-focused businesses. The community is a half-mile from Coors Field, where the Colorado Rockies play, and within a short drive of the Pepsi Center (Denver Nuggets and Colorado Avalanche) and Mile High Stadium, home of the Denver Broncos.
Constructed with an industrial-chic design to match the surrounding area and to complement both the nearby railway and the mountains to the west, the neighborhood also offers recreational opportunities. The South Platte River is located a half-mile to the southeast and leads to a network of hiking trails and parks throughout the city.
Modera River North consists of studio, one and two-bedroom homes with loft layouts available. Community amenities include a rooftop deck with year-round pool, spa and cabanas, a 24-hour club-quality fitness studio, yoga/Pilates space with on-demand fitness classes, expansive clubhouse with media lounge, private conference room and complimentary Wi-Fi in social areas. Residents will also have access to self-serve package lockers and a controlled-access garage parking with electric car charging stations available.
Apartment home interiors are furnished with eco-friendly wood plank-style flooring, elevated ceilings, Energy Star stainless appliances, Nest Learning Thermostats, LED lighting, roller shades, quartz countertops in kitchen and bathrooms, tile backsplashes, roman-style tubs, USB ports and large closets. Select homes include a separate dining area, breakfast nook, breakfast bar and a private balcony or patio with city or mountain views.
Including Modera River North, Mill Creek has recently developed or has under construction three apartment communities in the Denver area. Others include Modera Observatory Park and Post River North.