September 23, 2020
PENLER, a multifamily real estate investment platform, recently acquired Tradition at Palm Aire, a 248-unit apartment complex in Sarasota, Florida. PENLER is a full-service multifamily real estate platform focusing on major metro areas across The Sun Belt of the United States. Their goal is to capitalize on new opportunities via investment, development, and asset management processes with their experienced team of multifamily real estate professionals.
PENLER acquired Tradition at Palm Aire with the plans in place to invest $5 million in renovations immediately. They will completely revamp the clubhouse, fitness center, landscaping, and upgrade several amenities to the apartment units respectively.
In the words of PENLER’s Managing Partner, Graham Carpenter: “This asset fits perfectly with our strategy of acquiring high-quality properties that are undervalued due to temporary market conditions.”
Tradition at Palm Aire is within a stone’s throw of I-75, the Palm Aire Country Club, and it has a sort of comfortable seclusion due to it’s location. The Class A apartment community in Sarasota is also close to University Parkway, a brand new Whole Foods Market, and the recently redeveloped shopping center, Mall at University Town Center.
Within the 248 units of the Sarasota apartment complex, there are one, two and three-bedroom floorplans with several different layouts and updated amenities for new residents to enjoy. Other amenities include three pools, a hot tub, an outdoor BBQ area, a clubhouse with a fitness center, a tennis court, two lakes, and walking trails with spaces for dogs to enjoy and play around.
PENLER has already been active in the multifamily market around the region, and will surely be in the headlines with new acquisitions and developments in the coming months and years.