In one of the biggest deals of the year, the Related Group sold the Manor at Flagler Village to TIAA-CREF Financial Services for $148.9 million in July. The 382-unit complex totals 734,444 square feet on 5.3 acres. Although the condos were built in 2014, Miami-based Related Group paid $13 million for the site in late 2011. Doing the math, TIAA-CREF paid $389,754 for each unit. There was no listed broker.
New York City-based TIAA CREF—the nation’s largest manager of U.S. institutional tax-exempt real estate assets and leading retirement provide for those in the academic, research, medical and cultural fields—has more than $58 billion in assets under its management.
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