The Related Group, PGIM Real Estate and Shoma Group sold the Flats at CityPlace Doral apartment complex for $100 million.
The 303 apartments at 3555 N.W. 83rd Ave. were acquired by Virginia-based Harbor Group International. The price equated to $330,033 per unit.’
Chris Conklin with Walker & Dunlop represented the seller.
The Flats were developed on the 11.-acre site in 2017. It has about 251,000 square feet of living space in seven stories. There’s retail space on the ground floor
It’s part of the CityPlace project master planned by Miami-based the Related Group. CityPlace has restaurants, retail and the dine-in theater CinéBistro.
“There is still life in the real estate market, especially for top-tier assets in strong locations,” said Steve Patterson, CEO and president of Related Development, the apartment and mixed-use division of the Related Group. “This deal is proof the market remains viable despite the significant global difficulties we are currently experiencing.”
Amenities in the Flats include a lounge with a catering kitchen, an infinity-edge resort-style pool deck, an outdoor barbecue area on the landscaped rooftop, and a fitness club with dedicated yoga room.
Jessica Melendez, VP of development for the project on behalf of Related Group, said the Flats is 95% leased with an average rent of $2,220. Units rent from $1,800 to $3,400 and are among the highest rents in Doral, she added.
“There is really strong demand for this product type,” Melendez said. CityPlace Doral is a real centralized location where people want to walk around. It’s got great restaurants and an incredible urban lifestyle.”
Melendez said they started marketing the project in October and the buyer submitted its final offer in December. The coronavirus pandemic did not complicate the closing, she added.
The Related Group previously developed and sold the Manor apartments at CityPlace Doral. The company has a vacant property there with rights for about 300 more multifamily units, Melendez said. She’s not sure when they will move forward with the next phase because they are evaluating what’s going on in the economy.