Atlanta – PENLER, an Atlanta-based multifamily real estate investment platform, recently sold its first 240-unit development project to a Florida-based real estate investment firm. PENLER also recently hired three new employees to help manage its rapid growth. 

The sale of The Parker in Dawsonville, Georgia closed Wed. Sept. 1. The buyer, Advenir, LLC, is a vertically integrated, Miami-based real estate company with 14,000+ units throughout the Sunbelt region.  

“We greatly appreciate those that made the project a success:  NXT Capital, Synovus Bank, McShane Construction, Dynamik Design, Summit Engineering and Crosby Interiors,” said PENLER Managing Partner Brian Metzler.  

“PENLER delivered this project ahead of schedule during very difficult times due to supply chain disruptions from COVID-19,” said Kevin Rostowsky, Co-Head of Real Estate Finance with NXT Capital. “They delivered on all fronts from construction completion to leasing. NXT Capital is extremely proud to have partnered with PENLER on this successful outcome.” 

The Parker, located on the prestigious Ga. 400 corridor, has 240 one-, two- and three-bedroom apartments. Amenities include a great lawn, a resort-style pool with sundeck and grilling areas, a dog park and walking trails. The clubhouse features a 24-hour fitness center, cybercafé and activity areas. 

“This is PENLER’s first round trip with joint venture partner NXT Capital, from acquiring the land, developing the project and concluding with a successful sale,” added Managing Partner Graham Carpenter. “Though PENLER will celebrate its third anniversary in January, this sale propels us past the start-up phase of our firm’s growth.” 

The firm is also adding three new employees. 

  • David Deriso is now PENLER’s Director of Construction. His 30+ years of experience includes leadership positions with Post Properties, Lane Company and North American Properties.  
  • Jim Sencen, CPA has accepted the position of Controller, overseeing the firm’s accounting functions.   
  • Connor McAdams joins the firm as a Development Associate.  McAdams will focus on managing and growing the firm’s development pipeline.   

The Atlanta-based firm’s portfolio includes properties across the Sunbelt with seven new projects in the pipeline. Its strategy is to deliver first class multifamily rental communities in suburban markets with little new supply, great demographics, good schools, and proximity to retail and employment centers. 

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.

Atlanta, Ga./Clermont, Fla. – PENLER, an Atlanta-based multifamily real estate operating platform, is building a 288-unit luxury apartment community in Clermont, an affluent west Orlando suburb. 

“It’s significant in many ways,” said Managing Partner Brian Metzler. “It’s the first new apartment community to break ground in Clermont since a moratorium on apartment construction was lifted. It’s also the area’s first multifamily community with direct access to the South Lake Trail. This development is momentous for PENLER in that it marks our sixth new market since we founded the firm two years ago.” 

Construction is now underway at the community, which will feature one, two and three-bedroom floor plans within two-story apartment buildings. PENLER is committed to building and investing in multifamily assets that will endure and thrive in the post-COVID world. The garden-style apartments allow residents to enter their units directly from the outside without passing through hallways or common stairwells. 

Outdoor amenities include a “great lawn,” an expansive pool deck, grilling area, a dog park and a pond facing the South Lake Trail. The nine-mile trail, which puts restaurants, parks and playgrounds within walking distance, connects to the 22-mile West Orange Trail, enjoyed by over 150,000 people each month. The community also has a 6,000-square-foot clubhouse with fitness center, resident lounge, leasing center and bike shop with storage. Interiors feature open floor plans, quartz countertops, stainless steel appliances, vinyl plank flooring, high-end lighting, and washers and dryers. 

“In the midst of a global pandemic that has brought significant obstacles to virtually every industry, our talented and dedicated team has started three development projects and acquired one,” noted Managing Partner Graham Carpenter. “This is a testament to our agility, product and capital partners.” 

The community, located directly behind the Publix at East Town Center on W. Colonial Dr. in Clermont, is expected to welcome its first residents in the Spring of 2022. 

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.

Atlanta, GA/Tampa, FL. – PENLER, an Atlanta-based multifamily real estate operating platform, is building a new 205-unit apartment community in South Tampa. The gated community, which is PENLER’s third development, sits in the Westshore Marina District, six miles south of Hyde Park and within 15 minutes of Tampa’s three largest employment centers. Construction will begin immediately. The first apartment homes will be available in the early Summer of 2022.

“We are thrilled with the opportunity to bring this high-quality project to an infill South Tampa location. We are developing two- and three-story buildings across nearly 11 acres and were able to site plan around a dozen large live oaks, with a design containing nearly 40% open space,” said Managing Partner Brian Metzler. 

The community will offer one- and two-bedroom apartments featuring open floor plans and nine-foot ceilings, efficient kitchens with upgraded appliances and quartz countertops, wood grain plank flooring and ceiling fans. 

Amenities will include a resort-style pool, outdoor gas grills, a package locker for deliveries, a clubhouse, lounge and business center, and a commercial caliber fitness center featuring a cardio and yoga/spin area. The architecture is Old Florida-inspired and the site plan features three courtyards, a public pocket park and a dog play area. 

The property is located at 6603 S. Trask St., near the major north/south arteries of West Shore Blvd. and Dale Mabry Highway. West Gandy Blvd is only 1.5 miles to the north, offering easy access to St. Petersburg and the Gateway Office market. The community is only minutes away from Hyde Park, Downtown Tampa, the Westshore business district, Riverwalk and Water Street – as well as shopping options at Westshore Plaza and International Plaza. 

“We have two more developments in the pipeline, which we plan to start later this quarter,” added Managing Partner Graham Carpenter. “We anticipate a very busy 2021.”

PENLER’s other active developments include apartments in Nashville, Tenn. and The Parker in northern Metro Atlanta. Last fall, PENLER acquired Tradition at Palm Aire, a 248-unit apartment community in Sarasota. The company also owns an asset in Uptown Charlotte. 

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.

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.

Gallatin, Tenn. – Multifamily real estate investment platform PENLER has broken ground on its second multifamily community. 

Construction began this month on a two-story, 240-unit garden-style community in the upscale Nashville, Tennessee suburb of Gallatin. Each apartment has a direct private entry, which means residents enter their residences without having to use a hallway or breezeway. This creates a townhome feel and blends the community with the high-end residential housing nearby. Its location on Nashville’s northern bypass gives residents easy access to major employers and several nearby shopping options.    

The gated community will include a 24-hour fitness club with cardio and yoga functionalities, a resort-style pool, a fire pit, gas grills, a playground, club lounge space and package lockers. The apartments have open floor plans, energy-efficient stainless steel kitchen appliances, granite countertops, 9-foot ceilings, wood-grain plank flooring, ceiling fans and washer/dryers. The community is scheduled to welcome its first residents in the fall of 2021.  

“We could not be more excited to get this project started.  It will be the only two-story rental community in the sub-market. We are proud of the thoughtful design we have employed and expect it to be well received by the rapidly growing Gallatin population,” said Managing Partner Brian Metzler. “The community will offer impressive amenities and finishes at competitive rents.”

The Parker in Dawsonville, Ga., which the firm is also developing, is expected to deliver the first units at the end of the year.  

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.

 

Multifamily real estate investment platform PENLER has badded John Ladson – a 20-year veteran of multifamily development – as a partner to oversee its new developments. 

John Ladson, who spent almost 20 years with national firm Gables Residential, joins PENLER as its newest partner and Managing Director. Ladson now sources new development opportunities, manages PENLER’s development pipeline, and leads the design, entitlement, and construction efforts for each of the firm’s new developments. His experience includes multifamily product types ranging from townhomes to high-rise towers, over 2,600 units of green-built apartment homes, and highly successful student-oriented communities.

While at Gables, Ladson played a critical role in the sourcing, conception, financing, design, construction and lease-up of its Class A apartment communities. His development sponsorship portfolio includes award-winning projects in Atlanta, Florida and the Mid-Atlantic, with a combined stabilized value of more than $1.8 billion. The Urban Land Institute, National Association of Homebuilders, EarthCraft, the Atlanta Business Chronicle and others have recognized his team’s projects for excellence. Ladson serves on the Boards of Directors of the Georgia Apartment Association and the Atlanta Apartment Association. He is also an active member of the Urban Land Institute (ULI) and National Multi-Housing Council (NMHC.) He received his B.A. from Dartmouth College.

“We are thrilled to add John to the team,” said Managing Partner Graham Carpenter. “While PENLER is still a young company, we are continuing to grow even in the current environment. We are now well-positioned with an exceptionally talented management team in place to continue adding new projects to our portfolio.” 

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.

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