- December 5, 2025
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An Atlanta-based real estate company has purchased an apartment complex in Lakewood Ranch for $81.8 million. Penler acquired the Botanic at Waterside on March 31, according to Sarasota County property records.
Located at 1400 Pine Warbler Place, Botanic at Waterside contains 320 units, property records show.
The seller is 1450 Pine Warbler Owner LLC, which corresponds to LivCor, a Chicago-headquartered Blackstone portfolio company specializing in multifamily housing.
Botanic at Waterside consists of multiple four-story apartment buildings with elevators that were constructed in 2020 and 2021, property records show. Floor plans are for one, two and three-bedroom apartments, with rent starting at $1,655 a month. Community amenities include a nine-seat theater, swimming pool, fitness center, dog spa, dog park, conference room, co-working space, yoga studio, catering kitchen and outdoor grills.
The property encompasses more than 13.6 acres off Lakewood Ranch Boulevard along Deer Drive.
Botanic at Waterside is not the first multifamily property acquisition for Penler in the region. The company also bought Traditions at Palm Aire, a 248-unit apartment community off University Parkway in Manatee County, five years ago. After completing $5 million in renovations, including a clubhouse overhaul and interior and exterior apartment updates, Penler sold the community. It purchased the property for $48.1 million in 2020 and sold it for nearly $73.1 million in 2022.
Penler’s acquisition strategy involves finding “well-located multifamily communities in growth markets that provide current yields, capital appreciation and sustainability to the overall operating platform,” the company’s website says. “Our primary focus is finding assets that are undervalued due to temporary market conditions or obsolescence that can be remediated through customized repositioning strategies.”
A representative from Penler did not immediately respond to a request for comment.
