Lerner continues to grow its multifamily portfolio across Florida by acquiring Parc at Gatlin Commons, newly named Lerner Parc at Gatlin Commons
ROCKVILLE, Md., Oct. 31, 2022 /PRNewswire/ -- 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.