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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PENLER built, leased, and sold The Parkstone luxury community in less than two years, selling to Richmond, Va.-based Weinstein Properties
Atlanta (June 2022) – PENLER, an Atlanta-based multifamily real estate investment platform, recently closed on the sale of The Parkstone, its second luxury apartment community, a unique 240-unit, townhome-style community in the upscale Nashville, Tennessee suburb of Gallatin.
PENLER closed on the 16.5-acre property in July of 2020, developed the luxury apartment community with a two-story direct private entry design, welcomed its first residents in January of this year and sold the project fully leased on June 15.
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Atlanta (September 2021) – 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.
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Atlanta, Ga./Clermont, Fla. (March 2021) – 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.”
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Atlanta, GA/Tampa, FL. (January 11, 2021) – 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, 6 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 2 and 3 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.
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Atlanta/Sarasota, Fla. (September 2020) – 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.
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Atlanta/Gallatin, Tenn. (July 27, 2020) – Multifamily real estate investment platform PENLER has broken ground on its second multifamily community. It also added John Ladson – a 20-year veteran of multifamily development – as a partner to oversee its new developments.
Construction begins 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.
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Atlanta (Nov. 25, 2019) – PENLER, an Atlanta-based multifamily real estate investment platform, is announcing the construction start of its first development – The Parker in Dawsonville, Georgia.
“Our strategy is to enter suburban markets with little new supply, great demographics, good schools, proximity to retail and employment centers and deliver first class multifamily rental communities,” said Managing Partner Brian Metzler. “We will build cost-effectively and deliver a luxury product with high-end unit finishes and an impressive amenity packages at rents attainable to a large portion of households in the area.”
The development will utilize only a portion of the site, a flat meadow sitting alongside Thompson Creek and a heavily forested hillside, leaving over half of the large 40-acre site undisturbed. The two-story gated community will have 240 one-, two- and three-bedroom apartments. Amenities will feature a centrally located 1.3-acre great lawn and resident gathering area as well as a large resort-style pool with sundeck and grilling areas, a dog park and walking trails. The clubhouse will feature a 24-hour fitness center, cyber café and activity areas. The apartments are direct entry, which means residents will walk directly into their apartments without stairwells or corridors, creating a townhome feel and blending in with the high-end residential housing nearby.
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Atlanta/Charlotte, N.C. (October 4, 2019) – PENLER, a new multifamily real estate investment platform, just acquired its first asset in downtown Charlotte for approximately $55 million. PENLER also recently added two new partners to fill the key roles of Chief Financial Officer and Director of Asset Management. Plus, the firm expects to start its first development project next month.
The Atlanta-based firm acquired Presley Uptown, a 230-unit luxury property in Charlotte, N.C. on Monday, Sept. 30. JLL Income Property Trust was PENLER’s institutional investment partner in the transaction. Uptown is one of Charlotte’s most popular and fastest-growing neighborhoods. Located just off I-277, the pet-friendly community is near several shopping, dining and entertainment options as well as greenspace and major sports arenas. A Lynx Blue Line rail station and a new Whole Foods are within walking distance of the property.
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Initial GP Equity Commitment is Sufficient to Capitalize $800 Million in Deals
Atlanta (January 23, 2019) – Real estate veterans Brian Metzler and Graham Carpenter have joined forces to establish PENLER, a new multifamily investment platform. The goals of the new company, headquartered in Atlanta, include the acquisition, development and asset management of apartment communities across the Sun Belt.
Throughout their collective 30+ years in real estate, the co-founders and managing partners have closed more than $5.2 billion in multifamily investments and development comprised of more than 28,000 units across the country. Their resumes include leading some of the largest multifamily deals in Atlanta history.
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