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PENLER acquired, renovated, and sold Tradition at Palm Aire in booming Manatee County, Florida in just under two years, selling to Atlanta-based RangeWater Real Estate
Atlanta (October 2022) – PENLER, an Atlanta-based multifamily real estate investment platform, has announced the sale of Tradition at Palm Aire, a 248-unit, luxury multifamily community near Palm Aire Country Club in the high-growth Sarasota, Florida market.
PENLER acquired the Class A multifamily community in September 2020 and launched a comprehensive repositioning of the property, expanding the amenity footprint with a complete clubhouse overhaul, improvements to units and an exterior facelift, creating a classic design matched with new, modern amenities.
Anticipating a five-year hold, PENLER instead experienced 34 percent growth on in-place lease rates as the Sarasota-Bradenton multifamily market saw unprecedented growth during the COVID-19 pandemic and the extensive renovations were well received by the market’s tenants. PENLER sold the property just under two years after the acquisition.
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