Lerner continues to expand its multifamily portfolio Florida acquisition of Parc at Gatlin Commons, newly named Lerner Parc at Gatlin Commons
ROCKVILLE, Md., 31 October 2022 /PRNewswire/ — Lerner Enterprises of Rockville, Maryland acquired Lerner Parc at Gatlin Commons, formerly Parc at Gatlin Commons, based in Port St. Lucia, Florida. This Class A family garden community consists of 200 apartments and 5,935 square feet of luxury amenities Port St. Lucia, 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 a perfect addition to our existing one Florida multifamily portfolio as we seek to acquire and develop Class A assets on a growth path in either area Washington DC subway or Florida markets. We plan to keep this asset for a long time and hope to continue to add to it Florida portfolio,” explained Michael L. Cohen, vice president of investments at Lerner.
The community is located just 3.5 km east of Tradition, a master-planned mixed-use development with 1.2 million square feet across office, residential, numerous retail outlets and the Cleveland Clinic Tradition Hospital. In addition to Tradition, the property is directly adjacent to a number of retail stores including Walmart, Sam’s Club and other popular shopping centers. The property’s location offers convenient access to major freeways with the I-95 and Florida Turnpike exits only 1.5 and 3.5 miles away, respectively. In addition to the abundance of existing job opportunities, local growth has forced the expansion of major employers such as Martin Health and Tradition Hospital on Cleveland Clinic.
Placed on in Florida between the east coast Miami and Orlando, Port of St. Lucy emerged as one of the leading growth cities in the country and 3rd largest city in Florida. In 2019, it was named one of the fastest growing cities, doubling in population between 2000 and 2019. In the same year, the city was named one of the safest cities in the US and one of the best places to retire by TC Palm News Agency. in May 2022appointed by the Census Bureau Port of St. Lucy like 12Thursday the fastest growing city during the pandemic with a growth rate of 5.2% and a population now exceeding 217,000 people.
“The Port of St. Lucy submarket is one of the most dynamic of all Florida. We were looking for the right community Region of St. Lucy and we are excited about this addition to our portfolio. We are excited about the opportunity to offer our residents an incredible lifestyle experience,” he said Melissa BalkinCEO, Lerner Residential Florida.
Lerner Parc at Gatlin Commons includes a resort-style pool, outdoor kitchen and world-class fitness center housed in a 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 Lerner, an experienced multifamily operator, to this well-located, new-build Class A project in a high-growth submarket South Florida” he said Kevin ChinCEO with PCCP.
Lerner was advised by JLL’s Rob Carey and Evan Parker (Washington DC Office) a Kenny Cutler (Miami Office).
As the owners of the 2019 World Champion Washington Nationals Baseball Club, Lerner is excited to acquire the newly named Lerner Parc at Gatlin Commons, located 50 miles from The Ballpark of the Ballpark. Palm beachWashington Nationals Spring Training Center West Palm Beach, Florida. This acquisition is part of Lerner’s mission to expand the company’s portfolio in Floridafollowing the success of the acquisition of Motion at Dadeland v October 2021. Lerner continues to look for similar multi-family assets in the area.
Founded by Theodore N. Lerner in 1952, Lerner Enterprises is a recognized leader in real estate development, investment and management in the Washington, DC area.
based in Rockville, MarylandLerner is one of the largest and most diversified private real estate developers United States, with experience 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 properties, including an award-winning office portfolio comprised of a wide variety of landmark developments throughout the Washington metropolitan area. The multifamily portfolio currently includes more than 5,000 apartments and another 5,000 apartments are in the pipeline. The office portfolio includes 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 Center at Tysons II, among many others.
The company is also a pioneer in sustainable development with a remarkable LEED® A certified portfolio that includes Washington Square (LEED® Gold), 20 M Street (LEED® Gold – First LEED® Washington Certified Office Building), 2000 Tower Oaks Boulevard (Lerner headquarters and first LEED® Mid-Atlantic Platinum Office Building, 1775 Tysons Boulevard (first LEED® Platinum Building at Tysons Market), 1725 Tysons Boulevard (designed to achieve LEED® Platinum) and 1100 Half Street, SE in Washington, DC (designed to achieve LEED® Platinum).
Lerner continues to focus on opportunistic real estate investments – primarily in existing residential, office and retail properties, as well as purchasing management companies in the Washington, DC metropolitan area and expanding his extensive private equity portfolio. Lerner is the proud owner of the Washington Nationals, the 2019 World Series Champions.
For more information, visit Lerner.com or LiveLerner.com
For more information about Lerner Parc at Gatlin Commons, please visit LernerParcGatlin.com
About PCCP, LLC
PCCP, LLC is a real estate finance and investment management company focused on debt and equity investments in commercial real estate. PCCP has $20.1 billion in assets managed on behalf of institutional investors. With offices in New York, San Francisco, Atlantaand Los Angeles, PCCP has a 24-year history of providing property owners and investors with a wide range of financing options to meet capital requirements. PCCP is guaranteed for full capital to take advantage of market inefficiencies and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested $35.0 billion capital through a range of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities from experienced operators looking for quick and reliable capital. For more information about PCCP, visit www.pccpllc.com.
SOURCE Lerner Enterprises