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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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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