Tradition at Palm Aire
Penler acquired Tradition at Palm Aire, a 248-unit apartment community in Sarasota, Florida in September 2020.
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).
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.
The property was under contract with another buyer prior to COVID-19, at which point the pending transaction was terminated. Penler negotiated an off-market deal to acquire the property at a discount to its pre-COVID valuation and plans a $5M 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.