Attractive apartment community, close to Downtown Sarasota, the Mall at University Town Center, Sarasota International Airport, world-class beaches and I-75, is a compelling value-add investment opportunity for new owner
TAMPA, FLORIDA (September 15, 2020) – Luis Elorza, managing director and Justin Hofford, senior associate with NorthMarq’s Tampa Investment Sales team arranged the sale of Tradition at Palm Aire apartments. The garden-style community sold on September 10 and is located at 8445 Gardens Circle in Sarasota, Florida.
Built in 1991, Tradition at Palm Aire features direct entry apartment homes with 8-foot ceilings on the first floor and vaulted ceilings on the second floor, highly desirable amenities and a low-density site plan on 28.4 acres. The property was marketed as a value-add opportunity with the potential to upgrade nearly 90 percent of the units.
NorthMarq represented the seller, Preston Giuliano Capital Partners, a private investment firm focused on value-add investment opportunities, distressed properties and fractured condominiums in south and central Florida. The property was acquired by PENLER, an investment firm focused on multifamily investment and development in the southeastern United States.
“Tradition was a great opportunity for PENLER to acquire a value-add asset in an area with proven growth and stability. PENLER will build on the capital improvements completed by Preston Giuliano to enhance a beautiful and unique community in one of the best central locations in the Sarasota-Bradenton MSA,” said Elorza.
Financing for the acquisition included a $31.9 million, 10-year Freddie Mac loan, which was arranged by Faron Thompson, regional managing director and Ali Meek, vice president in NorthMarq’s Atlanta office and Lee Weaver, managing director in NorthMarq’s Tampa office.
The 248-unit apartment community is comprised of 32 percent one-bedroom, 55 percent two-bedroom, and 13 percent three-bedroom units with an average unit size of 1,001 square feet. Community amenities include an expansive 2-story leasing center/clubhouse, 24-hour fitness center, tennis court, dog park, car wash, recently renovated pool area with outdoor kitchen, and lush landscaping with multiple lakes throughout the property.
The immediate area surrounding Tradition at Palm Aire also boasts excellent access to entertainment and employment drivers in the market. The property has proximity to Interstate-75 and is just 3 miles west of the Mall at University Town Center. There are also more than 9.4 million square feet of office and 15.2 million square feet of retail space within a 12-mile radius. Job growth is expected to increase more than 10% through 2027, attracting job seeking tenants to the area for years to come.