Lerner Enterprises, the Rockville, Maryland-based investment firm that owns the Washington Nationals, has picked up a 25-story apartment building in Miami, adding to its portfolio of Florida properties.
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Lerner, a 70-year-old company with a portfolio of offices and 5,000 multifamily units, mostly around Washington, D.C., bought Motion at Dadeland, a 25-story high-rise with 294 market-rate units and 8,246 SF of retail, including a preschool.
Motion at Dadeland is a transit-oriented development located at 8400 South Dixie Highway. It opened in 2019 after development by investment firm Barings, 13th Floor Investments and Adler Group, in collaboration with Miami-Dade County Transportation & Public Works, according to Multi-Housing News.
The complex is adjacent to the Dadeland North Metrorail Station and located near major shopping complexes Dadeland Station and the Dadeland Mall. Lerner will serve as the property and asset manager of Motion at Dadeland.
“We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida," Lerner Managing Director Melissa Balkin said in a statement.
Lerner, which has another 5,000 units in the pipeline, received a loan from KKR to finance the acquisition. The sale price wasn't disclosed.
Lerner is pursuing multifamily assets across Florida, especially in Palm Beach, Broward and Miami-Dade counties, Lerner Vice President of Investments Michael L. Cohen said in a statement, calling Motion "a cornerstone asset in our portfolio for many years."
The firm began investing in Florida with The Ballpark of the Palm Beaches, its $148M spring training facility for the Nats in West Palm Beach, which opened in 2017. The 160-acre complex, where the Houston Astros also train, seats 7,700 and has six practice fields for each team.
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