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Penzance Acquires 380-Unit Residential Property in Charlotte
Penzance, along with partner TriWest Multifamily, completed the off-market acquisition of Stoney Trace Apartments, a 380-unit multifamily community in Charlotte, North Carolina.
Penzance is an owner, operator, developer and investor in the Mid-Atlantic region for residential, mixed-use, industrial and data center projects. Stoney Trace is located at 4616 Stoney Trace Drive in the city’s Mint Hill neighborhood.
ZRS Management will serve as the property manager. Acquisition financing was arranged by Walker & Dunlop’s Blake Hockenbury and Bryan Frazier. “We are excited to expand our investment in the Mid-Atlantic alongside TriWest Multifamily as a strategic partner,” said Jacob Rosenberg, Senior Vice President of Investments at Penzance. “The region is full of opportunity and growth, and this property within Charlotte presented an excellent opportunity to invest in a strong submarket that is insulated from new supply.”
Stoney Trace offers convenient access to major employers like Atrium Health, Bank of America, Duke Energy, Wells Fargo and Honeywell International Inc. Penzance and TriWest Multifamily plan to make renovations and upgrades to the property.
