288-unit luxury apartment community

In March of 2021, Penler acquired 24.65 acres directly behind a Publix supermarket on W. Colonial Dr. in Clermont, FL, an affluent west Orlando suburb. Construction is now underway at the 288-unit luxury apartment community which will feature one, two and three-bedroom floor plans within two-story apartment buildings.

Penler is committed to building and investing in multifamily assets that will endure and thrive in the post-COVID world. The garden-style apartments allow residents to enter their units directly from the outside without passing through hallways or common stairwells. Interiors feature open floor plans, quartz countertops, stainless steel appliances, vinyl plank flooring, high-end lighting, and washers and dryers.

Outdoor amenities include a “great lawn,” an expansive pool deck, grilling area, a dog park and a pond facing the South Lake Trail. The nine-mile trail, which puts restaurants, parks and playgrounds within walking distance, connects to the 22-mile West Orange Trail, enjoyed by over 150,000 people each month. The community also has a 6,000-square-foot clubhouse with fitness center, resident lounge, leasing center and bike shop with storage.

In October of 2022 The Grove welcomed their first residents. The project reached a stabilized occupancy in October of 2023. On October 6th 2023, Penler sold The Grove at Clermont realizing a project multiple of 2.01 and IRR of 39%.