Penzance announced it acquired roughly $200 million of multifamily and residential assets totaling about 1,100 units and more than 1.2 million square feet during the fourth quarter of 2025, expanding its footprint across Virginia and the Carolinas. The firm said the four transactions span a mix of stabilized communities bought below replacement cost and a build-to-rent development project, allowing it to deploy capital across different risk profiles while diversifying its residential exposure.
The company said it plans to pursue value creation through selective redevelopment, operational upgrades, and new development, positioning each asset to benefit from local market fundamentals, including strong employment drivers and limited new supply. Looking ahead, the firm expects to make additional investments across the Mid-Atlantic in 2026, from New Jersey to South Carolina, and noted continued activity in multifamily, industrial, and data center properties.
The four acquisitions include Charlotte, North Carolina’s Presley Oaks, a 318-unit community built in 1996 in North Charlotte within the I-485 loop near University City and Research Park; Compass at City Center, a 396-unit garden-style community built in 1985 in Newport News, Virginia near the City Center at Oyster Point district; Nexus Luxury Apartments and Retail, a 268-unit multifamily-and-retail property built in 2018 in Virginia Beach, Virginia’s Kempsville corridor with 30,000 square feet of on-site retail; and Arden Ridge, a planned 109-unit build-to-rent townhome development near Asheville, North Carolina with groundbreaking expected in early 2026 and initial deliveries targeted for the second quarter of 2027.
KEY QUOTES
“These acquisitions highlight the attractive opportunities we are seeing in residential projects with solid fundamentals and represent meaningful growth opportunities in target markets, across Virginia and the Carolinas. A portfolio of well-located assets with attractive yields, complemented by strategic development, allows us to deliver strong risk-adjusted returns for our fund investors. We are grateful to the advisors, partners, and brokerage teams who helped us close these transactions expeditiously, adding meaningful scale for Penzance while meeting sellers’ and partners’ individual needs.”
Jacob Rosenberg, Senior Vice President, Investments, Penzance
“Having worked with Penzance for years and on multiple transactions, I continue to be impressed with its solution-oriented approach to acquisitions, allowing Penzance to meet the needs of various sellers on tight timelines.”
Drew White, Investment Sales Senior Managing Director, Berkadia
