Port Saint Lucie Apartment Home Community Trades In $46 Million Off-Market Deal

Ronald Meyerson, P.A, Senior VP of Multifamily Sales with Cedano Realty Advisors, a Miami-based boutique real estate firm lead by Frank Rodriguez Melo, CCIM that specializes in multifamily and retail acquisitions and management, has successfully negotiated the purchase of The Park At Gatlin Commons, a three-story apartment home community located at 1901 SW Aledo Lane in Port Saint Lucie.

The deal closed September 13.

New York-based GMF Capital LLC acquired the 200-unit apartment home community from Panther Residential Management in an off-market deal valued at $46 million, or $230,000 per unit. The acquisition represents the seventh apartment community in Florida that GMF has acquired since launching its Miami office at the end of 2019.

“My main focus for the past few years has been sourcing off-market opportunities and matching them with the right buyer.  This deal is no different,” commented Meyerson.

 

 

“The property fits well with our long-term objective of building a portfolio comprising high quality assets in growth markets with attractive economic and demographic fundamentals. Panther built a spectacular asset that greatly enhances the Port St. Lucie submarket and the lifestyle of its fortunate resident base.” added Jared Frydman, Managing Director, and Head of GMF’s Miami office. 

The Parc at Gatlin Commons is a new ground-up Class “A” apartment community situated on approximately 14.37 acres. The property is located in southeast Florida’s four-county region known as the Treasure Coast and has excellent accessibility to Interstate 95 (1.5 miles west) and the Florida Turnpike (3.5 miles east).

The development consists of six (6) thirty-three (33) unit, three-story elevator serviced buildings with enclosed corridors and barrel resort-style roofs, each offering stylish one, two, and three-bedroom floor plans with nine (9) foot ceilings, custom cabinetry, stainless steel energy-efficient appliances, granite countertops, wood plank flooring, smart home locks, private patios/balconies, and a full-size washer and dryer. The 7,500 SF clubhouse and amenity package includes a zero-entry resort-style saltwater pool, outdoor entertainment kitchen with covered lanai seating, state of the art fitness full-size with a dedicated yoga and spin studio, library/shared working space and indoor lounge with catering kitchen. The community also includes fifty (50) detached garages and four (4) attached garages, sports court, two (2) dog parks, gated access, grilling stations and covered seating throughout the grounds.