Lerner Enterprises Buys Apartment Garden Community in South Florida
A Rockville, Maryland developer has bought a class-A multifamily garden community in Port. St. Lucie, Florida. Lerner Enterprises, a private real estate developer, bought Lerner Parc at Gatlin Commons, which comprises 200 apartments and 5,935 square feet of amenity space.
The property, located at 1900 SW Aledo Lane, spans a total of 201,000 residential square feet over 14 acres and was completed in September 2020.
The property includes a resort-style swimming pool, outdoor kitchens, and a fitness center housed inside the clubhouse. Lerner will be the property and asset manager for the apartment complex.
Lerner received a loan from PCCP, an investment manager, to finance the deal and was advised by JLL’s Rob Carey and Evan Parker of the Washington, D.C. office and Kenny Cutler of the Miami Office.
“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 in a press release.
Michael Cohen, vice president of investments at Lerner says Lerner Parc at Gatlin Commons is a complement to the company’s current Florida multifamily portfolio as they hope to develop more Class A assets.
“We plan to hold this asset for a long time and hope to continue adding to our Florida portfolio,” said Michael Cohen, in a press release.
The community is 2.5 miles east of Tradition, a mixed-use development with 1.2 million square feet of office, residential, numerous retail outlets, and the Cleveland Clinic Tradition Hospital. Next to the property are retail outlets such as Walmart and Sam’s Club in attrition to access to major interstates with ramps to iI-95 and the Florida Turnpike.
According to the press release, 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%. The population is now over 217,000 people. As Port St. Lucie has grown, the city has a lot of employment opportunities which has forced local growth and expansions of major employers such as Cleveland Clinic’s Martin Health and Tradition Hospital locations.
Melissa Balkin, managing director of Lerner Residential Florida says the submarket is one of the most dynamic across the state.
“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 Balkin.
This acquisition of the apartment complex is part of Lerner’s mission to expand the company’s portfolio in Florida. The company bought Motion at Dadeland, an apartment complex, in October 2021.
