An affiliate of Mill Creek Residential paid $13 million for a multifamily development site in Coral Springs, as part of the Cornerstone mixed-use development.

Coral Sample LLC, managed by Rod Sheldon of Boca Raton-based Predesco in partnership with Clifton, New Jersey-based Arctrust Investment Manager, sold the 2.91-acre site at 3310 University Drive to MCREF MFR 1 Coral Springs II LLC, part of Boca Raton-based Mill Creek Residential. The price equated to $102 per square foot for the land.

This site is slated for 361 apartments in eight stories, plus 24,200 square feet of ground-floor retail and restaurant space. There would be 768 parking spaces, including 285 public spaces for patrons of the commercial space. The apartment complex would feature a clubhouse, a pool, a gym and a sky terrace on the top floor.