Lerner Enterprises Buys Florida Multifamily Complex For $65 Million

Lerner Enterprises, a Rockville, MD-based real estate development and management firm, has purchased a 200-unit premier apartment complex, The Parc at Gatlin Commons in Port Saint Lucie, Florida for $65 million. The company is owned by Mark Lerner, the principal owner of Major League Baseball’s Washington Nationals.

Rosewood Realty Group’s Founder and CEO Aaron Jungreis represented both the buyer and the seller, JSB Capital a Miami-based real estate investment management platform that engages in private equity and alternative investments across a broad range of real estate asset classes.

The six, three-story 240,000 sq. ft. apartment buildings on 14.37 acres at 1900 Aledo Lane, built in 2020,  sold for $325,000 per unit at a 4% cap rate. The pet friendly, elevator complex’s monthly rents range from $1,800 to $2,970. The Parc at Gatlin Commons features a pool, fitness center, pet play area and basketball court.

It is located in the Newport Isles neighborhood of Port Saint Lucie.

“The property is in a growing and extremely stable area in Florida,” said Jungreis. “This sale represents the 15th deal Rosewood has delivered in Florida this year and we are poised to add more deals and assignments to sell as we continue to dominate in the Florida market.”