Lerner Acquires South Florida Luxury Apartments – Multifamily Real Estate News

Lerner Enterprises has completed its purchase of Parc at Gatlin Commons, a 200-unit garden-style luxury community located at 1900 SW Aledo Lane in Port St. Lucie, Fla. The property will be renamed Lerner Parc at Gatlin Commons, and the firm will also assume property and asset management duties. Lerner acquired the community from an undisclosed seller and secured financing through a loan from PCCP. A JLL Capital Markets team advised Lerner in the transaction.

Parc at Gatlin Commons was built in 2020 and spans 201,000 square feet over 14 acres. The property offers a mix of one-, two- and three-bedroom living arrangements, which feature private patios and balconies, granite countertops, plank flooring and in-unit laundry machines. Amenities include a fitness center, sports courts, a saltwater pool, outdoor grilling and picnic areas, a game room and electric vehicle charging stations. Situated in one of the state’s largest and fastest-growing cities, Parc at Gatlin Commons is located within 3 miles of several popular retail outlets.

The JLL team consulted by Lerner was led by Senior Director Rob Carey and Directors Evan Parker and Kenny Cutler.

South Florida’s in-migration surge

The transaction takes places as Port St. Lucie remains one of the nation’s largest markets for in-migration. The city’s location between Miami and Orlando has attracted both growing families and retirees, with its population doubling between 2010 and 2019 and growing even more significantly during the pandemic.

Another recent luxury multifamily deal on Florida’s east coast is The Bainbridge Cos.’ groundbreaking of Bainbridge The Grand a 390-unit community, and its completion of Bainbridge Mission Pointe, a 300-unit luxury property, both in Orlando.