Lerner Sells Multifamily Ground Lease in Miami-Dade for Major Discount
The 25-story building was completed in 2019 on county-owned land
By Julia Echikson November 13, 2025 1:45 pm
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Lerner Enterprises has unloaded the ground lease to a multifamily property in suburban Miami-Dade County for a 57 percent discount.
JRK Property Holdings paid $72.4 million for the ground lease of Motion at Dadeland apartments, a 294-unit multifamily complex on South Dixie Highway near the Dadeland Mall and the Dadeland Metrorail station, property records show.
Lerner Enterprises — whose owner, Marc Lerner, also owns the Washington Nationals MLB team — purchased the ground lease for $114 million in 2021, during the height of the pandemic, when interest rates were low and Northerners were relocating to Southern states, pushing rents to record highs. But in the four years since, rent growth and migration to Florida have stalled.
Representatives for Lerner Enterprises and JRK Property Holdings did not immediately respond to requests for comment.
The L.A.-based buyer assumed Lerner’s loan, which has been paid down to $57.8 million. Berkadia is serving as the lender, with the backing of Fannie Mae.
The 25-story Motion at Dadeland sits on a 0.8-acre site owned by Miami-Dade County at 8400 South Dixie Highway, about 10 miles southwest of Downtown Miami. Adler Group and 13th Floor Investments completed the 532,779-square-foot building in 2019.
Julia Echikson can be reached at jechikson@commercialobserver.com.
