RangeWater Real Estate has acquired Tradition at Palm Aire, a luxury apartment community in Sarasota, Florida, near the Palm Aire Country Club.
The acquisition is part of the Atlanta-based multifamily real estate company’s strategy to
continue growing across the Sun Belt in desirable neighborhoods, through acquiring, building or managing residential properties.
“RangeWater is committed to meeting the growing apartment demand across the Southeast and Mountain West,” said RangeWater’s President and CEO Steven Shores in a statement. “Our acquisitions team actively pursues well-maintained properties to add value by way of renovations and upgrades. Tradition at Palm Aire is a great community that aligns within our strategic efforts to enhance the lives of those who call Sarasota home.”
Tradition at Palm Aire, which will retain its name, is located at 8445 Gardens Circle. It is situated in the heart of the University Parkway area, close to shops, jobs and a short drive to the beach and the airport.
Tradition has landscaped grounds featuring two lakes, a resort-style pool, new outdoor kitchen and bar, exercise lap pool, fitness center, dog park, business center and car care center. Occupancy is above average, and the low-country architecture has been well-maintained.
“RangeWater will make significant investments to the community’s outdoor amenities, adding outdoor pavilions, pickleball courts, walking trails and other open air social spaces to make Tradition at Palm Aire even more appealing to today’s renters,” said RangeWater’s Director of Acquisitions Josh Colter.
Tradition at Palm Aire was built in 1991 as condos and features 248 units with concrete block construction. The property has one, two and three-bedroom floor plans with high ceiling heights, large walk-in closets, high-end appliances and screened-in balconies or patios. RangeWater is also planning to invest in interior upgrades.
“Tradition at Palm Aire is in a great location with easy access to Sarasota Memorial Hospital, University of South Florida Sarasota-Manatee Campus and a number of other job centers within a short drive,” Colter added. “We intend to create a community that serves multiple demographics – from young professionals working nearby to retirees.”
Privately owned RangeWater was founded in 2006. The company acquires, develops,
manages, and invests in multifamily communities across the Southeastern and Southwestern United States, with a $6.3 billion portfolio. Georgia is RangeWater’s largest market, followed by Florida. The company is quickly growing into the Mountain West and Southwest.