FCP and Mill Creek

FCP, with joint venture partner Mill Creek Residential Trust, has announced the $25 million acquisition of Modera Academical Village development site within the Academical Village master plan. Adjacent to the Nova Southeastern University mega-campus in Broward County, Florida, phase I of the development will break ground immediately and will include a 397-unit, eight-story apartment community with 9,000 square feet of ground floor retail. The second phase of development will create an additional 396 units.

“FCP is thrilled to partner with a leading national multifamily developer, Mill Creek Residential, on this dynamic new development,” says FCP’s Bruce Gago, who heads the firm’s Florida office. “Modera Academical Village is situated in a phenomenal location, well-positioned to meet the growth driven by medical and educational jobs in the community and provide much needed high-quality rental housing.”

Just east of S. University Drive and west of Nova Southeastern University, Modera Academical Village is the residential component of the Academical Village master plan that will ultimately include 2.5 million square feet of premier retail, residential, hotel, office, and medical space.

"We’re excited to be a part of this unique master-planned village, which we believe will be among the most attractive and charismatic locales in the area," says Andrea Rowe, senior managing director of development in South Florida for Mill Creek Residential. "While we’re prepared to offer the quintessential Modera by Mill Creek experience to our residents, we also are eager to do our part to enhance the village as a whole. With the NSU campus and newly opened University Hospital essentially in our backyard, we’ll be in an active area with many exceptional employment opportunities within walking distance."

Being built to a National Green Building Standard silver certification level, the Village will offer studio, one-, two- and three-bedroom apartments. Residents will have access to coworking spaces, controlled entry and guest access, garage parking, EV charging stations, and community-wide Wi-Fi. Amenities will include a pool, rooftop deck, resident clubhouse, on-site dog park and pet spa, club-quality fitness center, and outdoor dining areas.

Each apartment will feature nine-foot ceilings, wood plank-style flooring, quartz countertops, tile backsplashes, kitchen islands, in-home washers and dryers, walk-in closets, built-in shelving, USB ports, smart thermostats, and keyless entry systems. The bathrooms will offer high-end finishes including double vanities, linen closets, and soaking tubs.

First move-ins for phase I are anticipated for fall 2024, and phase II is expected to start construction in April 2024 with first move-ins slated for summer 2026.