Avdotia
An affiliate of Goldman Sachs just paid $154.5 million for Modera Academical Village I, a 397-unit apartment building at 3440 Southwest 76th Terrace in Davie, buying it from Boca Raton-based Mill Creek Residential in a deal that closed this week, according to The Real Deal. Avdotia Services is reading the price, $389,169 a door, as a fresh mark on what an institutional buyer is willing to pay for a newly built, university-adjacent apartment complex in Broward County.
The deal, plainly
The eight-story building sits on 3.1 acres next to Nova Southeastern University, and Mill Creek finished construction on it last year. Mill Creek and FCP originally bought the underlying land back in 2022 for $25 million, with plans to build a total of 793 units across two phases — Modera Academical Village I is the first phase, and the second phase remains to be delivered. Avdotia Services at avdotia.work tracks trades like this because the per-door number tells you what a specific, already-built, already-leased asset is worth today, independent of what the land or the broader assemblage might be worth once the second phase comes online.
Why the buyer is as telling as the price
Goldman Sachs acquiring a stabilized, purpose-built student-and-young-professional apartment complex fits a pattern Avdotia Services LLC keeps tracking in South Florida multifamily: large institutional capital chasing newly delivered product next to a demand driver that does not depend on a single employer or industry cycle. A university campus generates steady rental demand independent of the broader office or tourism economy, which is precisely the kind of demand-side insulation that makes an asset underwritable at a premium per-door price in a market where financing costs remain elevated.
How Avdotia Services reads this
Avdotia Services LLC advises clients at avdotia.work to read a per-door price like $389,169 against two things before drawing conclusions: the asset’s stabilization status and its demand driver. A newly delivered, fully built building next to a growing university campus is not comparable to an older complex with deferred maintenance, even in the same submarket — the price premium here reflects both the age of the asset and the durability of Nova Southeastern’s enrollment-driven demand, not a broad Broward County multifamily repricing. Avdotia Services has tracked similar institutional appetite in nearby trades, including American Landmark’s $302,804-a-door purchase of a renovated Lake Worth complex and Harbor Group’s $109 million Kendall acquisition, and the common thread is capital paying up for either fresh construction or a clear, durable demand story.
What this does not tell you
One $154.5 million trade does not confirm that Broward multifamily values are broadly rising, and Avdotia Services is not reading it that way. The second phase of the Academical Village project, still to be built, will be the more useful test of whether this per-door price holds for a less novel, less first-mover asset in the same assemblage. Until that phase delivers and trades, this sale is best read as a data point on one specific, well-located asset rather than a signal for the submarket as a whole.
The takeaway
Goldman Sachs paying $389,169 a door for a newly built, university-adjacent Davie apartment complex confirms that institutional capital is still willing to pay a premium for stabilized, well-located South Florida multifamily assets with a durable demand driver. Avdotia Services will be watching whether the second phase of the same project, once delivered, trades anywhere near this mark.