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| Michael L. Cohen |
Rockville, MD -- Lerner Enterprises of Rockville, Maryland has acquired Lerner Parc at Gatlin Commons, previously Parc at Gatlin Commons, located in Port St. Lucie, Florida.
Financial details were not disclosed.
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," explained Michael L. Cohen,
Vice President of Investments at Lerner.
Melissa Balkin
"We plan to hold this asset for a long time and hope to continue adding to our Florida portfolio.”
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.
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| Kevin Chin |
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.
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| Rob Carey |
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 third 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.
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| Evan Parker |
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," said Melissa Balkin, Managing
Director, Lerner Residential 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."
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| Kenny Cutler |
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).
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| Theodore N. 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
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 the 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.
Contacts:
Jaclyn L. Cohen
301.692.2372
JCohen@Lerner.com
For more information, please visit Lerner.com or LiveLerner.com
For more information on Lerner Parc at Gatlin Commons, please
visit LernerParcGatlin.com
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