Last week, Penzance and TriWest Multifamily announced the off-market acquisition of Stoney Trace Apartments, a 380-unit community in Charlotte, North Carolina.
“Charlotte is a dynamic, fast-growing market with strong long-term potential, driven by its steady demand,” Jacob Rosenberg, senior vice president of investments at Washington, D.C.-based owner, operator, developer and investor Penzance, told Multifamily Dive. “At Penzance, we see tremendous opportunity in the region where there is a consistent need for quality apartments."
Stoney Trace Apartments’ units feature fireplaces, walk-in closets, dishwashers and private patios or balconies. The recently renovated community amenities include a fitness facility, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.
Rosenberg said the property is in a submarket that has limited supply. Stoney Trace is a few miles from Uptown Charlotte and offers convenient access to employers like Atrium Health, Bank of America, Duke Energy, Wells Fargo and Honeywell International.
Penzance and El Segundo, California-based multifamily investor and operator TriWest Multifamily are planning various renovations throughout the property, including new kitchens and upgrades to flooring and bathrooms, according to Rosenberg.
Penzance expects more deals to follow its acquisition of Stoney Trace Apartments. “We have circled North Carolina as a target market and hope to close multiple deals in the market,” Rosenberg said.
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