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.
David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.