September 16, 2020
Multifamily real estate investment platform Penler has acquired Tradition at Palm Aire, a 248-unit apartment community in Sarasota. The seller and sales price were not disclosed.
The pet-friendly community features a variety of amenities, including three swimming pools, a hot tub, an outdoor kitchen, clubhouse with a 24-hour fitness center, tennis court, two lakes, walking trails and a dog park. The community consists of a mix of one-, two-, and three-bedroom floorplans. Penler plans to begin a $5 million renovation program at the community, which will include an overhaul of the clubhouse and fitness center as well as landscape improvements and upgrades to 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 Graham Carpenter, managing partner at Penler.
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