Discounted S. Florida Apartments Sell for $72.4M
In 2021, the Motion at Dadeland Apartments in Miami-Dade County sold for $114 million. Recently, the multifamily development traded for $72.44 million. Lerner Enterprises was the seller.
The South Florida Business Journal reports the buyer of the 294 apartments and 8,000 square feet of retail at 8400 S. Dixie Highway was JRK Property Holdings. Berkadia Commercial Mortgage provided the buyer with a $57.78 million mortgage backed by Fannie Mac. Omar Morales and Jaret Turkell of Berkadia brokered the deal.
It is located on land leased from the county. Adler Group and 13th Floor Investments developed the 25-story tower near the Dadeland North Metrorail Station in 2019.
Units in Motion at Dadeland range from 429 to 1,434 square feet and rent from $1,955 to $4,310. Amenities include a fitness center, a pool, a game room and a media center.
Attend Connect Southeast Multifamily on December 4th in Key Biscayne when the market experts share the playbook for where capital is moving next, and how the region’s power players are positioning themselves to stay ahead of the national curve. Be there to explore the opportunities, challenges, trends, and the future outlook for the multifamily landscape throughout Florida and the Southeast. www.ConnectSEMF2025.com
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout