7 Proven Kendall Apartment Project Sells For $42M Discount: Mistakes to Avoid

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var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDoxMDAwNTY4″,”databaseId”:1000568,”title”:”Strike out! Washington Nationals owner sells Kendall apartment project at $42M loss”,”status”:”publish”,”slug”:”kendall-apartment-project-sells-for-42m-discount”,”uri”:”/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/”,”link”:”https://therealdeal.com/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/”,”dateGmt”:”2025-11-13T20:50:44″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eThe billionaire family that owns the Washington Nationals struck out in the Kendall multifamily submarket. u003c/pu003enu003cpu003eAn 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 u003ca href=”/la/2025/06/27/jrk-property-buys-chase-knolls-apartments-in-sherman-oaks/”u003eJRK Property Holdingsu003c/au003e, led by Jay Lippman, paid $41.6 million below the previous sale price four years ago.u0026nbsp;u003c/pu003enu003cpu003eBerkadia’s Jaret Turkell and Omar Morales brokered the deal. JRK paid roughly $245,424 per apartment.u0026nbsp;u003c/pu003enu003cpu003eAs part of the deal, JRK assumed an existing $57.8 million commercial securities mortgage backed loan originated by Berkadia, according to Vizzda.u0026nbsp;u003c/pu003enu003cpu003eLerner Residential and JRK representatives did not respond to requests for comment.u0026nbsp;u003c/pu003enu003cpu003eLerner Residential, the multifamily arm of Lerner Enterprises, led by Mark Lerner, bought Motion at Dadeland in 2021 for u003ca href=”/miami/2021/10/21/home-run-washington-nationals-owner-buys-dadeland-apartments-for-114m/”u003e$114 millionu003c/au003e, assuming an $89.5 million loan at the time, records show. The Lerner family bought the Washington Nationals in 2006 for $450 million.u0026nbsp;u003c/pu003enu003cpu003eLerner’s sale to JRK marks a significant price drop, underscoring ongoing revaluations in u003ca href=”/miami/2025/10/31/are-developers-overbuilding-apartments-in-south-florida/”u003esouth Florida’s multifamily marketu003c/au003e amid an oversupply of apartments, a slowdown in rent growth, high interest rates and constraints on equity capital.u0026nbsp;u003c/pu003enu003cpu003eIn Palm Beach Gardens, Boston-based West Shore this month bought a 542-unit apartment complex for u003ca href=”/miami/2025/11/10/advenir-sells-palm-beach-gardens-apartments-to-west-shore/”u003e$117.9 millionu003c/au003e. 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.u0026nbsp;u003c/pu003enu003cpu003eCompleted 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.comu0026nbsp;u003c/pu003enu003cpu003eMiami-based Adler Group, 13th Floor Investments, and Barings developed Motion at Dadeland with a u003ca href=”/miami/2016/08/16/adler-13th-floor-close-50m-construction-loan-for-dadeland-project/”u003e$50 millionu003c/au003e construction loan. The joint venture sold the completed apartments to Lerner Residential.u0026nbsp;u003c/pu003en”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Lerner Residential sold 25-story, 294-unit Motion at Dadeland for $72M to JRK Property Holdings”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-13T20:55:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003cpu003eu003c!– wp:list –u003eu003c/pu003ernu003cul class=”wp-block-list”u003eu003c!– wp:list-item –u003ernu003cliu003eAn affiliate of Lerner Residential, the real estate arm of the Washington Nationals ownership family, sold the 25-story, 295-unit Motion at Dadeland apartment tower for $72.4 million.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThe sale to Los Angeles-based JRK Property Holdings represents a $41.6 million loss for Lerner Residential, which had purchased the property in 2021 for $114 million.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eThe significant price drop underscores ongoing revaluations in South Florida’s multifamily market, attributed to an oversupply of apartments, slower rent growth, high interest rates and constraints on equity capital.u003c/liu003ernu003c!– /wp:list-item –u003eu003c/ulu003ernu003cpu003eu003c!– /wp:list –u003eu003c/pu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/JyYfgpNzcfgfkcKELBf0/JyYfgpNzcfgfkcKELBf0.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1400×933.jpg 1400w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-300×200.jpg 300w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-700×467.jpg 700w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-200×133.jpg 200w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-768×512.jpg 768w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1024×683.jpg 1024w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-50×33.jpg 50w, /wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eLerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8u0026#8230;u003c/pu003en”,”altText”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eLerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8u0026#8230;u003c/pu003en”,”altText”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”Kendall Apartment Project Sells For $42M Discount”,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”The billionaire family that owns the Washington Nationals sold a multifamily project in Kendall for a deep discount.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”Strike out! Washington Nationals owner sells Kendall apartment project at $42M loss” /u003enu003cmeta property=”og:description” content=”The billionaire family that owns the Washington Nationals sold a multifamily project in Kendall for a deep discount.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-13T20:50:44+00:00″ /u003enu003cmeta property=”article:modified_time” content=”2025-11-13T20:54:53+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Francisco Alvarado” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”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.u0026nbsp; Berkadia’s Jaret Turkell and Omar Morales brokered the deal. JRK paid roughly $245,424 per apartment.u0026nbsp; As part of the deal, JRK assumed an existing $57.8 million commercial securities [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Kevin Rebong” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”2 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/c342492cb602b1402a4b81a39a649189″,”name”:”Francisco Alvarado”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/58bf558fa1cff3d248000861c757c544faefedc8437b304b647cc4ec6ac7440e?s=96u0026#038;d=mmu0026#038;r=g”},”url”:”https://therealdeal.com/author/francisco-alvarado/”}],”headline”:”Strike out! Washington Nationals owner sells Kendall apartment project at $42M loss”,”datePublished”:”2025-11-13T20:50:44+00:00″,”dateModified”:”2025-11-13T20:54:53+00:00″,”mainEntityOfPage”:{“@id”:”https://therealdeal.com/miami/2025/11/13/kendall-apartment-project-sells-for-42m-discount/”},”wordCount”:331,”publisher”:{“@id”:”https://therealdeal.com/#organization”},”image”:[{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-300×200.jpg”,”width”:300,”height”:200,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-300×200.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-700×467.jpg”,”width”:700,”height”:467,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-700×467.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-200×133.jpg”,”width”:200,”height”:133,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-200×133.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-768×512.jpg”,”width”:768,”height”:512,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-768×512.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1024×683.jpg”,”width”:1024,”height”:683,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1024×683.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1400×933.jpg”,”width”:1400,”height”:933,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-1400×933.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}},{“@type”:”ImageObject”,”url”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-50×33.jpg”,”width”:50,”height”:33,”contentUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount-50×33.jpg”,”caption”:”Lerner Enterprises’ Mark Lerner, JRK Property Holdings CEO Jim Lippman and Motion at Dadeland at 8400 South Dixie Highway (Getty, Jim Lippman, Berkadia Apartments)”,”creditText”:”The Real Deal”,”creator”:{“id”:”https://therealdeal.com/#organization”}}],”thumbnailUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/Kendall-Apartment-Project-Sells-For-42M-Discount.jpg”,”articleSection”:[“Commercial”],”inLanguage”:”en-US”,”description”:”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.u0026nbsp; Berkadia’s Jaret Turkell and Omar Morales brokered the deal. JRK paid roughly $245,424 per apartment.u0026nbsp; As part of the deal, JRK assumed an existing $57.8 million commercial securities [u0026hellip;]”,”isAccessibleForFree”:”false”,”hasPart”:{“@type”:”WebPageElement”,”isAccessibleForFree”:”false”,”cssSelector”:”#the-content”},”copyrightHolder”:{“@id”:”https://therealdeal.com/#organization”,”name”:”The Real Deal”},”copyrightYear”:”2025″,”alternativeHeadline”:”Lerner Residential sold 25-story, 294-unit Motion at Dadeland for $72M to JRK Property Holdings”,”backstory”:{“@type”:”CreativeWork”,”text”:”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. 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Kendall Apartment Project Sells: What to Plan Before You Start

Kendall Apartment Project Sells: Practical Checklist

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