Northwestern Mutual Acquires Modera Port Royale In Fort Lauderdale For $180 Million

Northwestern Mutual has acquired the Modera Port Royale apartment community in Fort Lauderdale for $180 million. Modera Port Royale is located long the Intracoastal Waterway at 3303 Port Royale Drive South as well as 2890-2900 Port Royale Blvd. The seller was Port Royale JV Phase I LLC, a joint venture between Mill Creek Residential and Invesco Real Estate and the buyer was NM-Port Royale LLC, an entity managed by Northwestern Mutual Life Insurance. The pricing breaks down to roughly $324,000 per unit.

Modera Port Royale features 555 rental apartment units spanning 1.03 million square feet spread across five buildings on an 8.2-acre site. Amenities include a waterfront pool, game room, coffee bar, fitness center, roof deck, theater and marina with 55 boat slips. The property was developed in 2017 by Mill Creek Residential who sold Phase 1 for $94 million in 2015.

Mill Creek Residential Reveals Modera Biscayne Bay In Edgewater

Mill Creek Residential has revealed new renderings for Modera Biscayne Bay, their new 30-story rental project coming to Edgewater. The developer has filed plans to bring utilities to the property which is located at 411 NE 21st Street at the current Unity On The Bay Church property adjacent to PARAMOUNT Bay. Modera Biscayne Bay will feature 296 apartment rentals, 11,000 SF of retail and an 8-story parking garage for a total development of 650,000 SF. Residences will range from studio, 1, 2 and 3-bedrooms. The project is being designed by Corwil Architects. Amenities will include a 28th floor pool deck, both indoor and outdoor pools, fitness center, dog park, pet spa, business center, theater room, resident's lounge and a business center with a cyber café offering computer stations and conference rooms.