Lerner Acquires Parc at Gatlin Commons in Port St. Lucie, Florida
Lerner Enterprises of Rockville, Maryland has acquired Lerner Parc at Gatlin Commons, previously Parc at Gatlin Commons, located in Port St. Lucie, Florida. This class-A multifamily garden community is comprised of 200 apartments and 5,935 square feet of luxurious amenity space in Port St. Lucie, Florida. The building spans a total of 201,000 residential square feet over 14 acres, completed in September 2020. Lerner will also be the property and asset manager of Lerner Parc at Gatlin Commons.
“Parc at Gatlin Commons is the perfect complement to our existing Florida multifamily portfolio as we strive to acquire and develop Class A assets in the path of growth either in the Washington, D.C. metro or Florida markets. We plan to hold this asset for a long time and hope to continue adding to our Florida portfolio,” explained Michael L. Cohen, Vice President of Investments at Lerner.
The community is located only 2.5 miles east of Tradition, a master-planned mixed-use development featuring 1.2 million square feet across office, residential, numerous retail outlets and the Cleveland Clinic Tradition Hospital. In addition to Tradition, directly adjacent to the property are a number of retail outlets including Walmart, Sam’s Club and other shopping center favorites. The property’s location offers convenient access to major interstates with on-ramps to I-95 and the Florida Turnpike only 1.5 and 3.5 miles away, respectively. In addition to the multitude of existing employment opportunities, local growth has forced the expansion of major employers such as the Cleveland Clinic’s Martin Health and Tradition Hospital locations.
Located on Florida’s east-coast between Miami and Orlando, Port St. Lucie has emerged as one of the nation’s premier growth cities and the 3rd largest city in Florida. In 2019, it was named one of the fastest growing cities with the population doubling between 2000 and 2019. In the same year, the city was named as one of the safest cities in the U.S. and one of the best places to retire according to the TC Palm news agency. In May 2022, the Census Bureau named Port St. Lucie as the 12th fastest growing city during the pandemic with a growth rate of 5.2% and the population now topping more than 217,000 people.
“The Port St. Lucie submarket is one of the most dynamic across all of Florida. We have been looking for the right community in St. Lucie County and are thrilled with this addition to our portfolio. We are excited about the opportunity to offer an incredible living experience for our residents,” said Melissa Balkin, Managing Director, Lerner Residential Florida.
Lerner Parc at Gatlin Commons includes a resort-style swimming pool, outdoor kitchens and a top-class fitness center housed in the 5,935 square foot clubhouse. The residential property is fully equipped for resident life and comfort. Lerner received a loan from PCCP to finance the acquisition of Lerner Parc at Gatlin Commons.
“PCCP sees this as a compelling opportunity to lend to Lerner, an experienced multifamily operator, on this well-located, newly built Class A project in a high growth submarket of South Florida,” said Kevin Chin, Managing Director with PCCP.
Lerner was advised by JLL’s Rob Carey and Evan Parker (Washington, D.C. Office) and Kenny Cutler (Miami Office).
As owners of the 2019 World Champion Washington Nationals Baseball Club, Lerner is thrilled to acquire the newly named Lerner Parc at Gatlin Commons which is located 50 miles from The Ballpark of the Palm Beach, the Washington Nationals’ Spring Training facility in West Palm Beach, Florida. This acquisition is part of Lerner’s mission to expand the company’s portfolio in Florida, after the success of Motion at Dadeland acquisition in October 2021. Lerner continues to pursue similar multifamily assets in the area.
About Lerner:
Founded by Theodore N. Lerner in 1952, Lerner Enterprises is a respected leader in Washington, D.C. area real estate development, investment and management.
Headquartered in Rockville, Maryland, Lerner is one of the largest and most diversified private real estate developers in the United States, with expertise in all phases of commercial real estate – including planning, development, construction, leasing, asset management and property management. Lerner has developed and managed more than 20 million square feet of commercial, retail, hospitality and residential real estate, including an award-winning office portfolio comprised of a wide range of landmark developments throughout the Washington metropolitan area. The multifamily portfolio currently comprises over 5,000 apartments with another 5,000 apartments in the development pipeline. The office portfolio features such iconic properties as Washington Square, 20 M Street, Two White Flint North, The Corporate Office Park at Dulles Town Center and The Corporate Office Centre at Tysons II, among many others.
The company is also a pioneer in sustainable development, with a noteworthy LEED® Certified portfolio that includes Washington Square (LEED® Gold), 20 M Street (LEED® Gold – the first LEED® Certified office building in Washington), 2000 Tower Oaks Boulevard (Lerner’s corporate headquarters and the first LEED® Platinum office building in the Mid-Atlantic Region), 1775 Tysons Boulevard (the first LEED® Platinum building in the Tysons market), 1725 Tysons Boulevard (designed to achieve LEED® Platinum) and 1100 Half Street, SE in Washington, D.C. (designed to achieve LEED® Platinum).
Lerner remains focused on opportunistic real estate investments – primarily existing residential, office and retail properties as well as buying management companies in the Washington, D.C. metropolitan area and adding to its robust private equity portfolio. Lerner is the proud owner of the Washington Nationals, the 2019 World Series Champions.
For more information, please visit Lerner.com or LiveLerner.com
For more information on Lerner Parc at Gatlin Commons, please visit LernerParcGatlin.com
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $20.1 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 24-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $35.0 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
