Atlanta/Sarasota, Fla. – Multifamily real estate investment platform PENLER has acquired Tradition at Palm Aire, a 248-unit apartment community in Sarasota, Florida. The firm will soon begin a $5 million renovation program including a comprehensive overhaul of the clubhouse and fitness center, landscape improvements, new exterior paint and significant upgrades to all of the apartment unit interiors.
“This asset fits perfectly with our strategy of acquiring high-quality properties that are undervalued due to temporary market conditions and can be enhanced through customized repositioning strategies,” said PENLER Managing Partner Graham Carpenter.
The community offers proximity to I-75, a striking setting within the Palm Aire Country Club community and offers a resort--like feeling of seclusion. The Class A apartment community is located on University Parkway, blocks from a new Whole Foods Market and the recently redeveloped Mall at University Town Center (UTC). Tradition also offers easy access to the downtown business district and its galleries, theaters, restaurants and shops.
The pet-friendly community offers a variety of amenities including three swimming pools, a hot tub, an outdoor kitchen, a clubhouse with a 24-hour fitness center, a tennis court, two lakes, walking trails and a bark park. Exteriors feature charming “low country” architecture and a 2-story low density design that provides all residents direct access to their units.
Tradition at Palm Aire offers one, two, and three-bedroom floorplans, which have dens, vaulted ceilings and washer/dryers. Apartments feature energy-efficient appliances, large closets, and expansive screened porches and balconies. Flooring options include plush carpet and vinyl plank.
PENLER has been rapidly expanding its ownership portfolio. Last year it acquired Presley Uptown, a 230-unit community in Charlotte.
“We are growing our platform, both in terms and acquisitions and new development,” added Managing Partner Brian Metzler. “PENLER has two developments underway and three sites under contract with plans to start construction on them next year.
PENLER’s active developments include The Parker in Dawsonville, GA, which is expected to open by the end of 2020 and a Class A community in the upscale Nashville, TN, suburb of Gallatin. Both projects consist of 240 apartment homes.
Launched in early 2019, PENLER is a full-service multifamily real estate operating platform focused on major metropolitan areas across the Sun Belt. Led by seasoned professionals with deep knowledge of markets and conditions, as well as an expansive vision for seizing new opportunities, PENLER uses best-in-class investment, development and asset management processes. For more information, visit www.PENLER.com.