Goldman Sachs Affiliate Pays $154.5M for Mill Creek's Davie Rentals
A Goldman Sachs-tied entity paid $154.5M for Mill Creek's 397-unit Modera Academical Village in Davie, about $389,000 per unit.
An entity tied to Goldman Sachs has paid $154.5 million for Modera Academical Village, a 397-unit apartment building Mill Creek Residential just finished next to Nova Southeastern University in Davie, a deal that works out to roughly $389,000 per unit. Mill Creek’s John Harkey signed for the seller, and the buying entity is tied to Goldman’s Dallas office, according to The Real Deal.
Why it matters
Broward’s student and workforce-adjacent rental stock rarely trades at this size, and an institutional name like Goldman underwriting a brand-new Davie property is a re-pricing signal for the submarket. Mill Creek delivered the eight-story building on a 3.1-acre site as phase one of a larger 793-unit plan with NSU next door, and the exit shows core capital is still paying up for stabilized, newly built product in western Broward even as financing stays tight elsewhere. For developers weighing similar university-adjacent sites, the sale sets a fresh per-unit comp well above what Broward apartment deals have typically cleared this year.
The numbers
The $154.5 million sale price divided across 397 units lands at roughly $389,000 per door. Mill Creek and equity partner FCP bought the underlying land in 2022 and financed construction with a $103.5 million loan from Wells Fargo, a figure not part of this week’s sale reporting but drawn from the project’s original 2022 groundbreaking coverage. That means the sale clears the construction debt by roughly $51 million before accounting for the land cost and equity Mill Creek and FCP put in. The building is the first of two planned phases; a second 396-unit phase was slated to follow at the same site.
What’s next
Neither The Real Deal’s reporting nor Mill Creek’s own materials disclosed what Goldman’s affiliate plans for the property’s operations, and no Broward County deed reflecting the transfer had posted to the public record at the time of this report. Mill Creek’s second phase at the site, still in Mill Creek’s hands as of the most recent public reporting, remains the one to watch for whether the developer sells that piece to a similar institutional buyer once it stabilizes.