The billionaire family that owns the Washington Nationals struck out in the Kendall multifamily submarket.
An affiliate of Rockville, Maryland-based Lerner Residential sold Motion at Dadeland, a 25-story tower with 295 apartments at 8400 South Dixie Highway for $72.4 million, records and real estate database Vizzda show. The buyer, an affiliate of Los Angeles-based JRK Property Holdings, led by Jay Lippman, paid $41.6 million below the previous sale price four years ago.
Berkadia’s Jaret Turkell and Omar Morales brokered the deal. JRK paid roughly $245,424 per apartment.
As part of the deal, JRK assumed an existing $57.8 million commercial securities mortgage backed loan originated by Berkadia, according to Vizzda.
Lerner Residential and JRK representatives did not respond to requests for comment.
Lerner Residential, the multifamily arm of Lerner Enterprises, led by Mark Lerner, bought Motion at Dadeland in 2021 for $114 million, assuming an $89.5 million loan at the time, records show. The Lerner family bought the Washington Nationals in 2006 for $450 million.
Lerner’s sale to JRK marks a significant price drop, underscoring ongoing revaluations in south Florida’s multifamily market amid an oversupply of apartments, a slowdown in rent growth, high interest rates and constraints on equity capital.
In Palm Beach Gardens, Boston-based West Shore this month bought a 542-unit apartment complex for $117.9 million. The seller, Aventura-based Advenir, paid $97.3 million for the property in 2018, but also took out an $80 million loan the same year to renovate the 34 two-story rental buildings, a storage building and a clubhouse.
Completed in 2019 on a 0.8-acre site, Motion at Dadeland spans roughly 514,600 square feet. The tower offers studios, one-, two- and three-bedroom apartments. Motion at Dadeland also has 8,000 square feet of ground-floor retail space. Asking rents range from $1,955 to $4,310 a month, according to Apartments.com
Miami-based Adler Group, 13th Floor Investments, and Barings developed Motion at Dadeland with a $50 million construction loan. The joint venture sold the completed apartments to Lerner Residential.
