RangeWater Real Estate has acquired Tradition at Palm Aire, a 248-unit luxury community in Sarasota, Fla.
The multifamily property last traded in 2020, when the current seller, Penler, acquired it from Preston Giuliano Capital Partners for $48.1 million, according to Yardi Matrix data.
Tradition at Palm Aire was completed in 1991 as a condo community. The property encompasses 20 buildings with one-, two- and three-bedroom units ranging from 641 to 1,363 square feet.
Common-area amenities include a spa, a dog park, a tennis and volleyball court, a fitness and business center, a clubhouse and three swimming pools. In-unit amenities consist of washers and dryers, vaulted ceilings, private balconies or patios, and outside storage.
RangeWater Director of Acquisitions Josh Colter said in prepared remarks that the company is planning to improve the outdoor amenities, introducing walking trails, pickleball courts, outdoor pavilions and open air social spaces, while also planning to upgrade unit interiors.
Located at 8445 Gardens Circle, the property provides easy access to Interstate 75 and US Route 301. There are many dining options, entertainment venues and retail spaces nearby, while green areas like Conservatory Park and Longwood Park are within a 1.5-mile radius of the property. University of South Florida Sarasota-Manatee Campus and Sarasota Bradenton International Airport are within a 15-minute drive.
RangeWater recently broke ground on a 154-unit townhome project in San Antonio. The project marks the company’s first ground-up development in the San Antonio market.