Penzance Acquires Two NC Rental Assets

Penzance acquired approximately $200 million in multifamily and residential assets totaling 1,100 units and over 1.2 million square feet during the fourth quarter of 2025 in Virginia and the Carolinas. Of the four projects, two are in North Carolina: Presley Oaks in Charlotte and Arden Ridge in Asheville.

The acquisitions include stabilized communities purchased well below replacement value, along with a build-to-rent development, deploying capital across a range of risk-adjusted strategies.

Presley Oaks is a 318-unit multifamily community located in North Charlotte. Built in 1996, Presley Oaks offers private garages, a pool, and a fitness center. Arden Ridge is a planned 109-unit build-to-rent townhome development on a 10-acre site near Asheville. Arden Ridge will deliver three and four-bedroom townhomes with private garages. Pre-construction is underway, with a groundbreaking expected early 2026 and the first homes slated for delivery in the second quarter of 2027.