Indiana company acquires Sarasota association management firm

An Indiana-based real estate company has acquired a Sarasota firm in what it is calling a “strategic acquisition” that will enable it to break into the Florida market.

PMI Meridian Management of Indianapolis announced the acquisition this week of Capstone Association Management, which manages community associations of all sizes. Capstone, based on Potter Park Drive, will be renamed PMI Capstone, according to a statement.

“We are thrilled to welcome Capstone Association Management to the PMI family,” PMI Meridian Management Vice President Lee Clouse says in a statement. “This acquisition aligns perfectly with our growth strategy and allows us to bring our comprehensive property management solutions to the vibrant Florida market."

PMI Meridian Management specializes in managing condominium and homeowners’ associations, apartment properties, office buildings and corporate facilities and is committed to improving cash flow while adhering to a preventive maintenance philosophy, according to a statement.

"We look forward to growing our client base and serving many more HOAs looking for a great company steeped in strong values," Clouse says.

Through the acquisition, PMI will gain a “strong presence in the Sarasota area, complementing its existing operations in Indianapolis and Bloomington,” according to a statement. Merging the two companies will enable them to offer a broader range of services and provide clients with more advanced management solutions and technologies, the statement says.

As part of the acquisition, Danielle Leon was promoted to director of operations for Florida.