Washington Nationals Owner Buys South Florida Rental for $114M
The owner of the Washington Nationals baseball team, Lerner Enterprises, purchased a Dadeland multifamily rental for $114 million, said a source familiar with the deal.
The 25-story high-rise, Motion at Dadeland, holds 294 apartments and 8,246 square feet of retail, including a preschool slated to open later this year. The sale approximately equates to $387,755 per unit.
The property, located at 8400 South Dixie Highway, sits adjacent to the Dadeland North Metrorail Station, just west of the Dadeland Mall in Miami-Dade County. Less than a mile away stands Palmer Dadeland, another rental, which Barry Sternlicht’s Starwood Property Trust recently bought for a whopping $371 million, making it South Florida’s most expensive multifamily sale of the year so far.
Motion’s sellers — Barings, 13th Floor Investments, Adler Group and the Miami-Dade County Transportation & Public Works — developed the rental building, which opened in 2019, according to Multi-Housing News.
Investment firm KKR (KKR) provided an acquisition loan, Lerner said in an announcement. (The firm did not disclose the terms. A KKR spokesperson declined to comment.)
Newmark’s Avery Klann represented the sellers, while JLL‘s Rob Carey and Ted Taylor along with Kassi Saridakis and Matt Williams from Newmark’s debt and structured finance team advised Lerner on the transaction.
Theodore Lerner founded Lerner Enterprises in 1952. The Rockville, Md.-based company says its multifamily portfolio currently includes more than 5,000 apartments with another 5,000 in development, mostly in the Washington, D.C., area.
Lerner began developing in the Sunshine State in 2017, constructing the Nationals’ 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.