MIAMI, FL – Lerner Enterprises of Rockville, Maryland has bought Motion at Dadeland, a 25-tale class A+ multifamily high-rise community comprised of 294 market-rate apartments and 8,246 SF of amenity-based retail, including a preschool slated to open Q4 2021. The building is adjacent to Dadeland North Metrorail Station in Miami, Florida. Lerner will also be the property and asset manager of Motion at Dadeland.
“We are excited to own and manage a market-leading asset and provide increased value to our residents in Florida,” said Melissa Balkin, Managing Director, Lerner Residential Florida.
Founded in 1952, Lerner is a developer, owner and manager of office, multifamily, retail and hospitality assets primarily in the greater Washington, DCregion but also in other markets such as New York City and Florida.
Lerner is the owner of the Washington Nationals Baseball Club, the 2019 World Series Champions. Lerner’s expertise in the Florida markets started with the Nationals’ 160-acre training facility at The Ballpark of the Palm Beaches in West Palm Beach.
“We are thrilled to add to our Florida portfolio with the acquisition of Motion at Dadeland. Lerner is aggressively pursuing multi-family assets across Florida, focused primarily on the tri-county regions of Palm Beach, Broward and Miami-Dade counties. Motion will be a cornerstore asset in our portfolio for many years and we are pleased to complete our first transaction with KKR as a lender,” reported Michael L. Cohen, Vice President of Investments at Lerner.
Motion at Dadeland, a transit-oriented development, is located within a ½ mile of nearly 2 million square feet of office with nearly 12 million square feet across the Dadeland submarket. Motion is also across the street from Dadeland Station which is home to Target, Best Buy, Dick’s Sporting Goods, Bed Bath and Beyond, Michaels and PetSmart. The property is also walking distance from Dadeland Mall, which is the home of Tesla, Apple Store, Cheesecake Factory, Chick-Fil-A, LEGO, Coach, Disney Store, Macy’s Florida Flagship, JC Penney, Zara, Lacoste and Saks Fifth Avenue.
Lerner received a loan from capital managed by KKR to finance the acquisition of Motion at Dadeland.
Newmark’s South Florida office led by Avery Klann exclusively represented the seller, while JLL’s Rob Carey (Washington, DC office) and Ted Taylor (South Florida office) along with Newmark’s Debt and Structured Finance team of Kassi Saridakis (Washington, DC office) and Matt Williams (South Florida office) advised Lerner on the transaction.

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KANSAS CITY, MO – The Cordish Companies and Kansas City Power & Light District officially commenced construction on Three Light Luxury Apartments with a ceremonial groundbreaking event at the project site in the heart of the Power & Light District. Executives from Cordish and the Power & Light District were joined by Eric Bunch, Fourth District Kansas City Councilman Brian Platt, City Manager, City of Kansas City, MO; Lantrina Stewart, U.S. Department of Housing and Urban Development, Office of Multifamily Housing Paul Neidlein, JE Dunn Construction Company; and numerous community and business leaders to recognize this major milestone.
Following the success of its predecessors One Light and Two Light Luxury Apartments, which have remained 97% occupied through the pandemic, Three Light’s construction starts the third stage of luxury living in the Power & Light District. Three Light’s opening will bring the total number of new apartment units to downtown Kansas City by The Cordish Companies to 900 since the opening of One Light in 2015. Additionally, the Three Light project is making 500 construction jobs.
“Three Light is a sign of fantastic optimism and progress for downtown, especially needed as we continue to navigate the ongoing effects of the pandemic,” said Nick Benjamin, Managing Partner of The Cordish Companies’ Midwest portfolio. “We are proud that One Light and Two Light have become vital parts of the renaissance of downtown Kansas City and are keen to see the vision for Three Light start to reveal itself to the community as work progresses and the tower starts to rise.”
“This next phase of development at the Power and Light District is a symbol and example of what successful development in Kansas City can and should be,” said Brian Platt, City Manager, City of Kansas City, MO. “The real estate market in Kansas City is strong and continuing to build momentum, and we look forward to future mixed income developments here that also include workforce and affordable housing.”
Situated at the vibrant intersection of the Power & Light District and Crossroads Art District, Three Light will bring another 450 residents to downtown. The 26-tale, 288-unit building will feature 19 floors of studio, one bedroom, two bedroom and penthouse apartments, a seven-tale garage with 472 parking spaces and 7,600 sq. ft. of retail space on the first floor. Units offer floor-to-ceiling windows with inspiring views of the city, gourmet kitchens, luxury Quartz countertops, private balconies, finishes typical of high-end condominiums and more.
More than 20% of the units in Three Light will be priced below the 80% of AMI affordability threshold.
“We are extremely excited to be introducing Three Light Luxury Apartments to the Power & Light District and downtown Kansas City,” said Emelyna Aurich, Director of Property Management for Cordish Living. “Three Light will offer its residents a first-class living experience with spectacular views, resort-style amenities and curated concierge services. We look forward to welcoming more residents to downtown Kansas City in the fall of 2023.”

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AUSTIN, TX – RockFarmer Properties, a privately held, fully integrated vertical development and investment firm based in New York City and Wildhorn Capital, an Austin, TX-based multifamily operator, announced the acquisition of Enclave at Waters Edge, a 184-residence multifamily development located at 12330 Metric Blvd in Austin, TX, for an undisclosed price.
This transaction marks RockFarmer Properties second venture into the Austin, TX, multifamily market – and marks the fourth acquisition made by RockFarmer s recently launched Opportunity Fund V. Previously, in July, 2021, the company bought SoNA Apartment Homes, a garden-style multi-family rental community in Austin, TX.
RockFarmer Properties plans additional acquisitions of value-add commercial and multi-family assets across the Dallas-Fort Worth, Austin and San Antonio, TX, markets. In the last 6 months, RockFarmer has bought or sold more than $250 million in assets nationwide.
With major tech companies opening or relocating offices in Austin, the city is experiencing meteoric growth. Austin s ample opportunities for employment attract people from across the country. We are bullish on value-add multifamily developments located in cities experiencing continued growth like Austin, said Brian Getzler, Executive Vice President and Head of Acquisitions at RockFarmer Properties.
Newmark Knight Frank represented the buyer and the seller in this transaction. The firm also helped secure financing for the acquisition on RockFarmer s behalf.
We are delighted to team up with Wildhorn Capital again – an incredible owner/operator in the Austin market – on the acquisition of Enclave at Waters Edge, said George Michelis, Principal of RockFarmer Properties. We look forward to continued success.
RockFarmer Properties plans to add significant value to Enclave at Waters Edge through timely unit renovations and enhancements to the community wide amenities and common areas of the property. To date, RockFarmer Properties has successfully executed the development, acquisition, renovation, repositioning and sale of more than 70 transformative residential and commercial properties across New York and the Sun Belt states totaling more than $2B.
Enclave at Waters Edge is a well-located rental community with a lot of upside potential. We find such properties to be brilliant investments, said John Petras, Principal of RockFarmer Properties. We plot to be an extremely active investor in value-add commercial and multifamily assets in the Austin, Dallas-Fort Worth and San Antonio Texas for the foreseeable future.

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