Penzance Announces Acquisition of Stoney Trace in Charlotte

380-Unit Residential Community Marks Group’s Continued Expansion

WASHINGTON--(BUSINESS WIRE)--Penzance, along with its partner TriWest Multifamily, announced today the off-market acquisition of Stoney Trace Apartments, a 380-unit multifamily community in Charlotte, North Carolina. Penzance has been a leading owner, operator, developer and investor in the Mid-Atlantic region for more than a quarter of a century, and this acquisition adds to its robust Mid-Atlantic portfolio of residential, mixed-use, industrial and data center projects.

Stoney Trace is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood. Designed to serve families as well as single individuals, the units feature fireplaces, walk-in closets, dishwashers and private patios or balconies. The recently renovated community amenities include a fitness facility, club room with business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

“We are excited to expand our investment in the Mid-Atlantic alongside TriWest Multifamily as a strategic partner. 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,” said Jacob Rosenberg, Senior Vice President of Investments at Penzance. “Stoney Trace is exactly the kind of well-located community that attracts residents and will provide for long-term value creation available by focusing on property operations and improvements.”

Stoney Trace lies only a few miles from Uptown Charlotte, offering convenient access to major employers like Atrium Health, Bank of America, Duke Energy, Wells Fargo and Honeywell International Inc. The community is conveniently located a short drive from grocers Lidl and Harris Teeter and retail options along Route 74 including the Galleria Shopping Center, Cinemark Bistro, Food Lion and various coffee shops and restaurants.

Penzance and TriWest Multifamily are planning a variety of renovations and upgrades throughout the property. ZRS Management will serve as the property manager. Acquisition financing was arranged by Walker & Dunlop’s Blake Hockenbury and Bryan Frazier.

About Penzance

Penzance is a fully integrated real estate owner, operator, and developer with a best-in-class institutional investor base. They have had a track record of success for over a quarter of a century investing across the Mid-Atlantic in multifamily, industrial, data center, and other commercial assets. Penzance has managed over $3.9 billion of gross asset value over its history and today manages over $1 billion of discretionary capital through multiple fund vehicles. Penzance is a woman-owned firm with an experienced and diverse team that takes an entrepreneurial and flexible approach, focused on rigorous investment analysis and risk management. The team’s core competencies include acquisitions, development, asset management, leasing, property and construction management, capital markets, and portfolio and fund management.

About TriWest Multifamily

TriWest Multifamily is a real estate investment firm focused on multifamily investments throughout the United States. They own and operate a portfolio of approximately 4,500 apartments located in seven states including California, Florida, Georgia, New Mexico, North Carolina, Tennessee and Texas. TriWest specializes in acquiring multifamily communities and implementing a value-add business plan that includes renovations to apartment interiors and amenity spaces along with improvements to on-site operations. The principals at TriWest have over 50 years of combined experience in the multifamily space and the firm is vertically integrated across acquisitions, asset management, and construction management.