Tradition at Palm Aire
Penler acquired Tradition at Palm Aire, a 248-unit apartment community in Sarasota, Florida in September of 2020.
The Class A project is located on University Parkway, blocks from a new Whole Foods Market and the recently redeveloped Mall at University Town Center (UTC).
The pet-friendly community offers a variety of amenities including three swimming pools, a hot tub, an outdoor kitchen, a clubhouse with a 24-hour fitness center, a tennis court, two lakes, walking trails and a bark park. Exteriors feature charming “low country” architecture and a 2-story low density design that provides all residents direct access to their units.
Upon acquisition, PENLER completed $5M of renovations, 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.
On September 9th, 2022, Penler sold Tradition realizing a project multiple of 2.01 and IRR of 44%.